August 07, 2017

IMF published a working paper that examines the relationship between cyber risk and financial stability risks in the context of the existing regulatory frameworks and supervisory approaches. It also recommends measures that can help increase resilience to cyber risk.

This working paper first considers the 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. It then examines the current regulatory frameworks and supervisory approaches to identify information asymmetries and other inefficiencies that hamper the detection and management of systemic cyber risk. The paper concludes by discussing policy measures that can increase the resilience of the financial system to systemic cyber risk.

 

Related Link: Working Paper (PDF)

Keywords: International, Banking, Insurance, Securities, Cyber Risk, Systemic Risk, Financial Stability, IMF

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