Cyber risk

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Cyber Risk for the Financial Sector: A Framework for Quantitative Assessment

IMF report on cyber-attacks and vulnerabilities of financial institutions

International Monetary Fund research paper documents cyber risk around the world for financial institutions by analyzing the different types of cyber incidents (data breaches, fraud and business disruption) and identifying patterns using a variety of datasets. Outlines a quantitative framework to assess cyber risk for the financial sector.

Publisher: International Organizations Release date: Jun 2018

Type: Consultative, discussion and issues paper

Topics: Cyber risk, Operational risk, Risk management, Systemic risk

Sectors: Banking, Insurance, Securities

Climate Change: The Challenges for Institutional Investors and Regulators

TC webcast on climate change and its impact on global capital markets

Toronto Centre executive panel video discusses climate change and its impact on global financial markets.

Publisher: Toronto Centre Release date: Dec 2017

Type: TC Videos

Topics: Climate change , Risk management, Cyber risk, Operational risk, FinTech

Sectors: Banking, Insurance, Microfinance, Microinsurance, Pensions, Securities

Enhancing the Role of Insurance in Cyber Risk Management

OECD report provides overview of insurance issues relating to cyber risk management

Organisation for Economic Co-operation and Development report provides overview of the financial impact of cyber incidents, coverage of cyber risk available in the insurance market, challenges to market development and initiatives to address those challenges. Examines current state of the market and obstacles that impede the market from reaching its full potential. Sets out policy recommendations to enhance the contribution of the cyber insurance market to managing cyber risk.

Publisher: International Organizations Release date: Dec 2017

Type: Consultative, discussion and issues paper

Topics: Cyber risk

Sectors: Insurance

Improving Global AML Efforts with Technology and Regulatory Reform

IIF briefing on use of new technologies to improve financial sector compliance

Institute of International Finance briefing discusses deployment of new technologies, combined with targeted regulatory reform, to improve effectiveness of global anti-money laundering/combatting the financing of terrorism (AML/CFT) system. New technologies include machine learning, digital identity, know-your-customer (KYC) utilities and distributed ledger technology (DLT, also called "blockchain").

Publisher: Industry Groups Release date: Nov 2017

Type: Consultative, discussion and issues paper

Topics: FinTech, Money laundering and terrorist financing, Cyber risk

Sectors: Banking

ESMA Alert on the High Risks of Initial Coin Offerings (ICOs)

ESMA statement alerts investors to the various risks associated with ICOs

European Securities and Markets Authority statement draws attention of investors in Initial Coin Offerings (ICOs) that the product may fall outside the existing regulatory framework and thus would have no regulatory protections, that ICOs are vulnerable to fraud and illicit activities, and that there is a risk of total loss of investor's funds.

Publisher: Regional Standard-Setting Bodies Release date: Nov 2017

Type: Consultative, discussion and issues paper

Peer: ESMA Alert on Involvement in Initial Coin Offerings (ICOs) and Need to Meet Regulatory Requirements

Topics: Cyber risk

Sectors: Securities

Artificial Intelligence and Machine Learning in Financial Services

FSB report examines market developments and their financial stability implications

Financial Stability Board report considers the financial stability implications of the growing use of artificial intelligence (AI) and machine learning in financial services. Identifies potential benefits and risks for financial stability that should be monitored, including: i) application of AI and machine learning by regulators and supervisors can help improve regulatory compliance and increase supervisory effectiveness; ii) applications of AI and machine learning could result in new and unexpected forms of interconnectedness between financial markets and institutions; iii) network effects and scalability of new technologies may give rise to third-party dependencies; iv) lack of interpretability or auditability of AI and machine learning methods could become a macro-level risk; and v) adequate testing and "training" of tools with unbiased data and feedback mechanisms is important to ensure applications do what they are intended to do.

Publisher: Global Standard-Setting Bodies Release date: Nov 2017

Type: Consultative, discussion and issues paper

Topics: FinTech, Operational risk, Cyber risk, Conduct

Sectors: Banking, Securities, Insurance

Cybersecurity Regulations, Guidance and Supervisory Practices

Conclusions from a stocktake of regulations and supervisory practices with respect to cybersecurity in the financial sector

Financial Stability Board stocktake of existing publicly available regulations and supervisory practices with respect to cybersecurity, as well as of existing international guidance. Includes information about: i) jurisdictions' self-reported regulations, guidance and supervisory practices; ii) future plans; and iii) views regarding effective regulatory and supervisory practices. Also contains information regarding international bodies' self-reported guidance, other publications and future plans .

Publisher: Global Standard-Setting Bodies Release date: Oct 2017

Type: Consultative, discussion and issues paper

Topics: Cyber risk

Sectors: Banking, Insurance, Pensions, Securities

Cyber Security & Financial Stabililty

IIF staff paper examines how cyber-attacks could impact the global financial system

Institute of International Finance staff paper analyzes the relationship between cyber-attacks and overall stability of the financial sector, including transmission channels and different types of scenarios where cyber-attacks and other incidents could have systemic repercussions.

Publisher: Industry Groups Release date: Sep 2017

Type: Consultative, discussion and issues paper

Topics: Operational risk, Cyber risk

Sectors: Banking, Insurance, Securities

Cyber Risk, Market Failures and Financial Stability

IMF report looks at cyber risk, market failures in cybersecurity and financial stability risks

International Monetary Fund report examines properties of cyber risk, discusses why the private market can fail to provide the socially optimal level of cybersecurity, and explores how systemic cyber risk interacts with other financial stability risks. Examines current regulatory frameworks and supervisory approaches, and identifies information asymmetries and other inefficiencies that hamper detection and management of systemic cyber risk. Discusses policy measures that can increase the resilience of the financial system to systemic cyber risk.

Publisher: International Organizations Release date: Aug 2017

Type: Consultative, discussion and issues paper

Topics: Operational risk, Cyber risk

Sectors: Banking, Insurance, Securities

The 2017 Brookings Financial and Digital Inclusion Project Report: Building a Secure and Inclusive Global Financial Ecosystem

Brookings study evaluates access to and usage of affordable financial services across 26 countries

Brookings Institution report identifies three key overall findings to advance financial inclusion: i) growth in national level recognition that financial inclusion is a key ingredient for sustainable development; ii) FinTech possesses tremendous potential to accelerate progress toward financial inclusion; and iii) countries must amplify investments in cybersecurity efforts and knowledge-sharing in order to fully reap the benefits of financial services innovation.

Publisher: Others Release date: Aug 2017

Type: Consultative, discussion and issues paper

Peer: The 2016 Brookings Financial and Digital Inclusion Project Report: Advancing Equitable Financial Ecosystems , The 2015 Brookings Financial and Digital Inclusion Project Report: Measuring Progress on Financial Access and Usage

Topics: Consumer education and protection, Financial inclusion, Operational risk, FinTech, Cyber risk

Sectors: Banking, Insurance, Microfinance, Microinsurance

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Resources

382 records

Cyber Risk for the Financial Sector: A Framework for Quantitative Assessment

Climate Change: The Challenges for Institutional Investors and Regulators

Enhancing the Role of Insurance in Cyber Risk Management

Improving Global AML Efforts with Technology and Regulatory Reform

ESMA Alert on the High Risks of Initial Coin Offerings (ICOs)

Artificial Intelligence and Machine Learning in Financial Services

Cybersecurity Regulations, Guidance and Supervisory Practices

Cyber Security & Financial Stabililty

Cyber Risk, Market Failures and Financial Stability

The 2017 Brookings Financial and Digital Inclusion Project Report: Building a Secure and Inclusive Global Financial Ecosystem

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