Cyber Risk Surveillance: A Case Study of Singapore

By Joseph Goh, Heedon Kang, Zhi Xing Koh, Jin Way Lim, Cheng Wei Ng, Galen Sher, Chris Yao

February 10, 2020

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Joseph Goh, Heedon Kang, Zhi Xing Koh, Jin Way Lim, Cheng Wei Ng, Galen Sher, and Chris Yao. Cyber Risk Surveillance: A Case Study of Singapore, (USA: International Monetary Fund, 2020) accessed December 21, 2024

Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

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.

Subject: Banking, Cyber risk, Financial institutions, Financial sector policy and analysis, Financial sector risk, Insurance companies, Stress testing, Systemic risk, Technology

Keywords: Cyber risk, Cybersecurity strategy, Financial innovation, Financial institutions, Financial sector risk, Financial system, Global, Insurance companies, IT environment, Outsourcing relationship, Stress test., Stress testing, Systemic risk, Third-party cyberattack scenario, WannaCry ransomware attack, WP

Publication Details

Pages:

31
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2020/028
Stock No:

WPIEA2020028
ISBN:

9781513526317
ISSN:

1018-5941

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