Author/Editor:

Tamas Gaidosch ; Frank Adelmann ; Anastasiia Morozova ; Christopher Wilson

Publication Date:

September 24, 2019

Electronic Access:

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Summary:

This paper highlights the emerging supervisory practices that contribute to effective cybersecurity risk supervision, with an emphasis on how these practices can be adopted by those agencies that are at an early stage of developing a supervisory approach to strengthen cyber resilience. Financial sector supervisory authorities the world over are working to establish and implement a framework for cyber risk supervision. Cyber risk often stems from malicious intent, and a successful cyber attack—unlike most other sources of risk—can shut down a supervised firm immediately and lead to systemwide disruptions and failures. The probability of attack has increased as financial systems have become more reliant on information and communication technologies and as threats have continued to evolve.

Series:

Departmental Paper No. 19/15

Subject:

Banking supervision Financial sector oversight Financial services Risk management