IMF Staff Country Reports

Spain: Financial Sector Assessment Program-Technical Note on Cyber Risk and Financial Stability

August 1, 2024

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International Monetary Fund. Monetary and Capital Markets Department "Spain: Financial Sector Assessment Program-Technical Note on Cyber Risk and Financial Stability", IMF Staff Country Reports 2024, 263 (2024), accessed December 21, 2024, https://doi.org/10.5089/9798400285943.002

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Summary

This paper explores a technical note on cyber risk and financial stability as part of Financial Sector Assessment Program (FSAP) in Spain. Technology risk and cyber resilience of the financial sector has become a focus area of the authorities, within the broader context of operational risk and resilience. This intensified focus by authorities is timely and important from the perspective of the continuity of financial service provision and the stability of the Spanish financial system. The FSAP found cyber risk supervisory practices of the authorities with regard to less significant institutions and financial market infrastructures in scope to be materially in line with applicable regulations and guidance and prevailing international good practice. Resource constraints are the most prominent challenge that the authorities are confronted with. A number of further weaknesses have a negative impact notwithstanding the overall strength of cyber risk supervision.

Subject: Cyber risk, External balance assessment (EBA), External position, Financial markets, Financial Sector Assessment Program, Financial sector policy and analysis, Payment systems, PFM information systems, Public financial management (PFM), Technology

Keywords: Banco de España, Banking institution, Bolsas y Mercados Españoles, Cyber risk, External balance assessment (EBA), Financial Sector Assessment Program, Global, Infrastructure regulation, Payment systems, PFM information systems, Staff team of the International Monetary Fund

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