South Africa: Financial Sector Assessment Program-Technical Note on Cybersecurity Risk Supervision and Oversight

June 17, 2022

Preview Citation

Format: Chicago

South Africa: Financial Sector Assessment Program-Technical Note on Cybersecurity Risk Supervision and Oversight, (USA: International Monetary Fund, 2022) accessed November 21, 2024

Summary

Cybersecurity risk continues to grow both in complexity and severity and is a function of an increasingly open and interconnected cyber and financial ecosystem. The South African financial system has a long history of incorporating technology and as for many financial systems across the globe, digitalization has become a strategic priority. For risk management to keep pace with the dynamic nature of cyber threats and threat agents, systemically important financial institutions (SIFIs) have made substantial investments in cyber resilience programs (e.g., establishing cyber strategies, frameworks, and governance structures). Consistent with many jurisdictions, and partly a result of widespread remote working arrangements implemented in response to the global pandemic, cybersecurity threats to financial stability increased. However, high standards of risk management meant threats did not materialize into significant losses and/or disruptions.

Subject: Cyber risk, Economic sectors, Financial markets, Financial regulation and supervision, Financial sector, International organization, Monetary policy, Operational risk, Payment systems, PFM information systems, Public financial management (PFM), Technology

Keywords: Africa, Clearing house, Committee on payment, Cyber risk, Cybersecurity risk, Financial sector, FSAP's finding, Global, IMF-World Bank Financial Sector Assessment Program, Operational risk, Payment system management body, Payment systems, PFM information systems, Securities commission

Publication Details

Pages:

32
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2022/181
Stock No:

1ZAFEA2022004
ISBN:

9798400214295
ISSN:

1934-7685

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