Download or read book Cyber Risk for the Financial Sector A Framework for Quantitative Assessment written by Antoine Bouveret and published by International Monetary Fund. This book was released on 2018-06-22 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cyber risk has emerged as a key threat to financial stability, following recent attacks on financial institutions. This paper presents a novel documentation of 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. The other novel contribution that is outlined is a quantitative framework to assess cyber risk for the financial sector. The framework draws on a standard VaR type framework used to assess various types of stability risk and can be easily applied at the individual country level. The framework is applied in this paper to the available cross-country data and yields illustrative aggregated losses for the financial sector in the sample across a variety of scenarios ranging from 10 to 30 percent of net income.

Download or read book Financial Cybersecurity Risk Management written by Paul Rohmeyer and published by Apress. This book was released on 2018-12-13 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understand critical cybersecurity and risk perspectives, insights, and tools for the leaders of complex financial systems and markets. This book offers guidance for decision makers and helps establish a framework for communication between cyber leaders and front-line professionals. Information is provided to help in the analysis of cyber challenges and choosing between risk treatment options. Financial cybersecurity is a complex, systemic risk challenge that includes technological and operational elements. The interconnectedness of financial systems and markets creates dynamic, high-risk environments where organizational security is greatly impacted by the level of security effectiveness of partners, counterparties, and other external organizations. The result is a high-risk environment with a growing need for cooperation between enterprises that are otherwise direct competitors. There is a new normal of continuous attack pressures that produce unprecedented enterprise threats that must be met with an array of countermeasures. Financial Cybersecurity Risk Management explores a range of cybersecurity topics impacting financial enterprises. This includes the threat and vulnerability landscape confronting the financial sector, risk assessment practices and methodologies, and cybersecurity data analytics. Governance perspectives, including executive and board considerations, are analyzed as are the appropriate control measures and executive risk reporting. What You’ll Learn Analyze the threat and vulnerability landscape confronting the financial sector Implement effective technology risk assessment practices and methodologies Craft strategies to treat observed risks in financial systemsImprove the effectiveness of enterprise cybersecurity capabilities Evaluate critical aspects of cybersecurity governance, including executive and board oversight Identify significant cybersecurity operational challenges Consider the impact of the cybersecurity mission across the enterpriseLeverage cybersecurity regulatory and industry standards to help manage financial services risksUse cybersecurity scenarios to measure systemic risks in financial systems environmentsApply key experiences from actual cybersecurity events to develop more robust cybersecurity architectures Who This Book Is For Decision makers, cyber leaders, and front-line professionals, including: chief risk officers, operational risk officers, chief information security officers, chief security officers, chief information officers, enterprise risk managers, cybersecurity operations directors, technology and cybersecurity risk analysts, cybersecurity architects and engineers, and compliance officers

Download or read book Cyber Risk Market Failures and Financial Stability written by Emanuel Kopp and published by International Monetary Fund. This book was released on 2017-08-07 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cyber-attacks on financial institutions and financial market infrastructures are becoming more common and more sophisticated. Risk awareness has been increasing, firms actively manage cyber risk and invest in cybersecurity, and to some extent transfer and pool their risks through cyber liability insurance policies. This paper considers the properties of cyber risk, discusses why the private market can fail to provide the socially optimal level of cybersecurity, and explore how systemic cyber risk interacts with other financial stability risks. Furthermore, this study examines the current regulatory frameworks and supervisory approaches, and identifies information asymmetries and other inefficiencies that hamper the detection and management of systemic cyber risk. The paper concludes discussing policy measures that can increase the resilience of the financial system to systemic cyber risk.

Download or read book Cyber Risk and Financial Stability written by Frank Adelmann and published by International Monetary Fund. This book was released on 2020-12-07 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ability of attackers to undermine, disrupt and disable information and communication technology systems used by financial institutions is a threat to financial stability and one that requires additional attention.

Download or read book Cyber Risk Surveillance A Case Study of Singapore written by Joseph Goh and published by International Monetary Fund. This book was released on 2020-02-10 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cyber risk is an emerging source of systemic risk in the financial sector, and possibly a macro-critical risk too. It is therefore important to integrate it into financial sector surveillance. This paper offers a range of analytical approaches to assess and monitor cyber risk to the financial sector, including various approaches to stress testing. The paper illustrates these techniques by applying them to Singapore. As an advanced economy with a complex financial system and rapid adoption of fintech, Singapore serves as a good case study. We place our results in the context of recent cybersecurity developments in the public and private sectors, which can be a reference for surveillance work.

Download or read book Managing Cyber Risk in the Financial Sector written by Ruth Taplin and published by Routledge. This book was released on 2016-01-22 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cyber risk has become increasingly reported as a major problem for financial sector businesses. It takes many forms including fraud for purely monetary gain, hacking by people hostile to a company causing business interruption or damage to reputation, theft by criminals or malicious individuals of the very large amounts of customer information (“big data”) held by many companies, misuse including accidental misuse or lack of use of such data, loss of key intellectual property, and the theft of health and medical data which can have a profound effect on the insurance sector. This book assesses the major cyber risks to businesses and discusses how they can be managed and the risks reduced. It includes case studies of the situation in different financial sectors and countries in relation to East Asia, Europe and the United States. It takes an interdisciplinary approach assessing cyber risks and management solutions from an economic, management risk, legal, security intelligence, insurance, banking and cultural perspective.

Download or read book Cyber Risk for the Financial Sector written by Antoine Bouveret and published by . This book was released on 2018 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book How to Measure Anything in Cybersecurity Risk written by Douglas W. Hubbard and published by John Wiley & Sons. This book was released on 2023-04-11 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: A start-to-finish guide for realistically measuring cybersecurity risk In the newly revised How to Measure Anything in Cybersecurity Risk, Second Edition, a pioneering information security professional and a leader in quantitative analysis methods delivers yet another eye-opening text applying the quantitative language of risk analysis to cybersecurity. In the book, the authors demonstrate how to quantify uncertainty and shed light on how to measure seemingly intangible goals. It's a practical guide to improving risk assessment with a straightforward and simple framework. Advanced methods and detailed advice for a variety of use cases round out the book, which also includes: A new "Rapid Risk Audit" for a first quick quantitative risk assessment. New research on the real impact of reputation damage New Bayesian examples for assessing risk with little data New material on simple measurement and estimation, pseudo-random number generators, and advice on combining expert opinion Dispelling long-held beliefs and myths about information security, How to Measure Anything in Cybersecurity Risk is an essential roadmap for IT security managers, CFOs, risk and compliance professionals, and even statisticians looking for novel new ways to apply quantitative techniques to cybersecurity.

Download or read book Operational Risk Modeling in Financial Services written by Patrick Naim and published by John Wiley & Sons. This book was released on 2019-03-28 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: Transform your approach to oprisk modelling with a proven, non-statistical methodology Operational Risk Modeling in Financial Services provides risk professionals with a forward-looking approach to risk modelling, based on structured management judgement over obsolete statistical methods. Proven over a decade’s use in significant banks and financial services firms in Europe and the US, the Exposure, Occurrence, Impact (XOI) method of operational risk modelling played an instrumental role in reshaping their oprisk modelling approaches; in this book, the expert team that developed this methodology offers practical, in-depth guidance on XOI use and applications for a variety of major risks. The Basel Committee has dismissed statistical approaches to risk modelling, leaving regulators and practitioners searching for the next generation of oprisk quantification. The XOI method is ideally suited to fulfil this need, as a calculated, coordinated, consistent approach designed to bridge the gap between risk quantification and risk management. This book details the XOI framework and provides essential guidance for practitioners looking to change the oprisk modelling paradigm. Survey the range of current practices in operational risk analysis and modelling Track recent regulatory trends including capital modelling, stress testing and more Understand the XOI oprisk modelling method, and transition away from statistical approaches Apply XOI to major operational risks, such as disasters, fraud, conduct, legal and cyber risk The financial services industry is in dire need of a new standard — a proven, transformational approach to operational risk that eliminates or mitigates the common issues with traditional approaches. Operational Risk Modeling in Financial Services provides practical, real-world guidance toward a more reliable methodology, shifting the conversation toward the future with a new kind of oprisk modelling.

Download or read book 2021 Financial Sector Assessment Program Review Background Paper On Quantitative Analysis written by International Monetary and published by International Monetary Fund. This book was released on 2021-05-28 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews quantitative tools of financial stability assessments under the Financial Sector Assessment Program (FSAP). A key focus of FSAPs is on methodologies to gauge risks on a system-wide level and propose mitigating measures. Therefore, the paper concentrates on the main elements of the FSAP’s macroprudential stress testing framework:(i) the interaction among solvency, liquidity, and contagion risks in the banking sector, (ii) the assessment of the health of nonbank financial institutions (NBFIs), their interactions with banks and their impact on financial markets, (iii) the assessment of the health of nonfinancial sectors and their links to the financial sector, and (iv) macroprudential policy analysis. The paper also reviews recent improvements in microprudential bank solvency stress testing—an important foundation for the macroprudential stress testing framework—and discusses new tools for emerging risks (climate change, fintech, and cyber).

Download or read book Cyber Risk for the Financial Services Sector written by Antoine Bouveret and published by . This book was released on 2019 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cyber risk has emerged as a major concern for the financial services sector. In this article, we outline the main channels through which cyber risk can affect a financial institution, and provide some insights based on recent cyberattacks. We also outline a framework that can be used to estimate potential losses due to cyber risk for financial institutions.

Download or read book Countering Cyber Threats to Financial Institutions written by Pierre-Luc Pomerleau and published by Springer Nature. This book was released on 2020-08-29 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: Exploring the negative social impact of cyber-attacks, this book takes a closer look at the challenges faced by both the public and private sectors of the financial industry. It is widely known amongst senior executives in both sectors that cybercrime poses a real threat, however effective collaboration between individual financial institutions and the public sector into detecting, monitoring and responding to cyber-attacks remains limited. Addressing this problem, the authors present the results from a series of interviews with cybersecurity professionals based in Canada in order to better understand the potential risks and threats that financial institutions are facing in the digital age. Offering policy recommendations for improving cybersecurity protection measures within financial institutions, and enhancing the sharing of information between the public and private sector, this book is a timely and invaluable read for those researching financial services, cybercrime and risk management, as well as finance professionals interested in cybersecurity.

Download or read book Cybersecurity in Finance written by Sylvain Bouyon and published by Rowman & Littlefield. This book was released on 2018-12-31 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the midst of several large cyberattacks in 2017, the European Commission adopted its multi-sector cybersecurity package in September of that same year. Whereas this initiative can be expected to contribute to strengthening the cyber-resilience and response of EU financial firms, several policy issues and unanswered questions remain. In order to analyse the issues that are considered to be relevant to financial fields (retail banking, corporate banking, capital markets, financial infrastructure and insurance), CEPS-ECRI organised a Task Force between September 2017 and May 2018 with a group of experts from the financial industry, tech industry, national supervisors and European institutions, as well from a consumer association and a law firm. In this book, based on the Final Report, the Task Force members identify nine policy issues that need to be further addressed in order to bolster the financial industry’s cyber-resilience against current and future threats.

Download or read book The Cyber Risk Handbook written by Domenic Antonucci and published by John Wiley & Sons. This book was released on 2017-04-03 with total page 442 pages. Available in PDF, EPUB and Kindle. Book excerpt: Actionable guidance and expert perspective for real-world cybersecurity The Cyber Risk Handbook is the practitioner's guide to implementing, measuring and improving the counter-cyber capabilities of the modern enterprise. The first resource of its kind, this book provides authoritative guidance for real-world situations, and cross-functional solutions for enterprise-wide improvement. Beginning with an overview of counter-cyber evolution, the discussion quickly turns practical with design and implementation guidance for the range of capabilities expected of a robust cyber risk management system that is integrated with the enterprise risk management (ERM) system. Expert contributors from around the globe weigh in on specialized topics with tools and techniques to help any type or size of organization create a robust system tailored to its needs. Chapter summaries of required capabilities are aggregated to provide a new cyber risk maturity model used to benchmark capabilities and to road-map gap-improvement. Cyber risk is a fast-growing enterprise risk, not just an IT risk. Yet seldom is guidance provided as to what this means. This book is the first to tackle in detail those enterprise-wide capabilities expected by Board, CEO and Internal Audit, of the diverse executive management functions that need to team up with the Information Security function in order to provide integrated solutions. Learn how cyber risk management can be integrated to better protect your enterprise Design and benchmark new and improved practical counter-cyber capabilities Examine planning and implementation approaches, models, methods, and more Adopt a new cyber risk maturity model tailored to your enterprise needs The need to manage cyber risk across the enterprise—inclusive of the IT operations—is a growing concern as massive data breaches make the news on an alarmingly frequent basis. With a cyber risk management system now a business-necessary requirement, practitioners need to assess the effectiveness of their current system, and measure its gap-improvement over time in response to a dynamic and fast-moving threat landscape. The Cyber Risk Handbook brings the world's best thinking to bear on aligning that system to the enterprise and vice-a-versa. Every functional head of any organization must have a copy at-hand to understand their role in achieving that alignment.

Download or read book Understanding Cybersecurity Management in FinTech written by Gurdip Kaur and published by Springer Nature. This book was released on 2021-08-04 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book uncovers the idea of understanding cybersecurity management in FinTech. It commences with introducing fundamentals of FinTech and cybersecurity to readers. It emphasizes on the importance of cybersecurity for financial institutions by illustrating recent cyber breaches, attacks, and financial losses. The book delves into understanding cyber threats and adversaries who can exploit those threats. It advances with cybersecurity threat, vulnerability, and risk management in FinTech. The book helps readers understand cyber threat landscape comprising different threat categories that can exploit different types of vulnerabilties identified in FinTech. It puts forward prominent threat modelling strategies by focusing on attackers, assets, and software and addresses the challenges in managing cyber risks in FinTech. The authors discuss detailed cybersecurity policies and strategies that can be used to secure financial institutions and provide recommendations to secure financial institutions from cyber-attacks.

Download or read book Assessing and Insuring Cybersecurity Risk written by Ravi Das and published by CRC Press. This book was released on 2021-10-07 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt: Remote workforces using VPNs, cloud-based infrastructure and critical systems, and a proliferation in phishing attacks and fraudulent websites are all raising the level of risk for every company. It all comes down to just one thing that is at stake: how to gauge a company’s level of cyber risk and the tolerance level for this risk. Loosely put, this translates to how much uncertainty an organization can tolerate before it starts to negatively affect mission critical flows and business processes. Trying to gauge this can be a huge and nebulous task for any IT security team to accomplish. Making this task so difficult are the many frameworks and models that can be utilized. It is very confusing to know which one to utilize in order to achieve a high level of security. Complicating this situation further is that both quantitative and qualitative variables must be considered and deployed into a cyber risk model. Assessing and Insuring Cybersecurity Risk provides an insight into how to gauge an organization’s particular level of cyber risk, and what would be deemed appropriate for the organization’s risk tolerance. In addition to computing the level of cyber risk, an IT security team has to determine the appropriate controls that are needed to mitigate cyber risk. Also to be considered are the standards and best practices that the IT security team has to implement for complying with such regulations and mandates as CCPA, GDPR, and the HIPAA. To help a security team to comprehensively assess an organization’s cyber risk level and how to insure against it, the book covers: The mechanics of cyber risk Risk controls that need to be put into place The issues and benefits of cybersecurity risk insurance policies GDPR, CCPA, and the the CMMC Gauging how much cyber risk and uncertainty an organization can tolerate is a complex and complicated task, and this book helps to make it more understandable and manageable.

Download or read book Enterprise Cybersecurity in Digital Business written by Ariel Evans and published by Routledge. This book was released on 2022-03-23 with total page 562 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cyber risk is the highest perceived business risk according to risk managers and corporate insurance experts. Cybersecurity typically is viewed as the boogeyman: it strikes fear into the hearts of non-technical employees. Enterprise Cybersecurity in Digital Business: Building a Cyber Resilient Organization provides a clear guide for companies to understand cyber from a business perspective rather than a technical perspective, and to build resilience for their business. Written by a world-renowned expert in the field, the book is based on three years of research with the Fortune 1000 and cyber insurance industry carriers, reinsurers, and brokers. It acts as a roadmap to understand cybersecurity maturity, set goals to increase resiliency, create new roles to fill business gaps related to cybersecurity, and make cyber inclusive for everyone in the business. It is unique since it provides strategies and learnings that have shown to lower risk and demystify cyber for each person. With a clear structure covering the key areas of the Evolution of Cybersecurity, Cybersecurity Basics, Cybersecurity Tools, Cybersecurity Regulation, Cybersecurity Incident Response, Forensics and Audit, GDPR, Cybersecurity Insurance, Cybersecurity Risk Management, Cybersecurity Risk Management Strategy, and Vendor Risk Management Strategy, the book provides a guide for professionals as well as a key text for students studying this field. The book is essential reading for CEOs, Chief Information Security Officers, Data Protection Officers, Compliance Managers, and other cyber stakeholders, who are looking to get up to speed with the issues surrounding cybersecurity and how they can respond. It is also a strong textbook for postgraduate and executive education students in cybersecurity as it relates to business.