Title page
Contents
GLOSSARY 4
EXECUTIVE SUMMARY 5
CYBER RISK AS A THREAT TO FINANCIAL STABILITY 7
A. Growing Risk 7
B. From Cyberattack to Financial Stability Risk 9
ENHANCING CYBERSECURITY IN THE FINANCIAL SYSTEM 12
A. Financial Stability Analysis and Cyber Risk 12
B. Regulatory and Supervisory Frameworks 15
C. Response and Recovery-Cyber Resilience 16
D. Information Sharing 18
E. Deterring Cyber Threats 21
AREAS FOR FUTURE WORK 23
APPENDIX I. FINANCIAL MARKET INFRASTRUCTURES (FMIs) 26
APPENDIX II. OUTSOURCING AND THIRD-PARTY RISK 28
REFERENCES 29
Table 1. High-Level Categorization of Information Sharing 20
Figure 1. Evolution of Cyber Risk 7
Figure 2. The Rising Number of Cyber Incidents 8
Figure 3. Evolution of Cyberattacks, 2010-20 9
Figure 4. Cybersecurity and Financial Stability Channels 10
Figure 5. Elements of a Simple Financial Sector Map 13
Figure 6. Cyberattack on Payment Systems and Possible Transmission Paths 26
Boxes
Box 1. Cyber Resilience in Emerging Market and Developing Economy Countries 16
Box 2. International Organizations and Cyber Risk in the Financial Sector 22