Cyber Risk, Market Failures, and Financial Stability - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Cyber Risk, Market Failures, and Financial Stability write by Emanuel Kopp. This book was released on 2017-08-07. Cyber Risk, Market Failures, and Financial Stability available in PDF, EPUB and Kindle. Cyber-attacks on financial institutions and financial market infrastructures are becoming more common and more sophisticated. Risk awareness has been increasing, firms actively manage cyber risk and invest in cybersecurity, and to some extent transfer and pool their risks through cyber liability insurance policies. This paper considers the properties of cyber risk, discusses why the private market can fail to provide the socially optimal level of cybersecurity, and explore how systemic cyber risk interacts with other financial stability risks. Furthermore, this study examines the current regulatory frameworks and supervisory approaches, and identifies information asymmetries and other inefficiencies that hamper the detection and management of systemic cyber risk. The paper concludes discussing policy measures that can increase the resilience of the financial system to systemic cyber risk.
Cyber Risk and Financial Stability
Cyber Risk and Financial Stability - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Cyber Risk and Financial Stability write by Frank Adelmann. This book was released on 2020-12-07. Cyber Risk and Financial Stability available in PDF, EPUB and Kindle. The ability of attackers to undermine, disrupt and disable information and communication technology systems used by financial institutions is a threat to financial stability and one that requires additional attention.
Cyber Risk for the Financial Sector: A Framework for Quantitative Assessment
Cyber Risk for the Financial Sector: A Framework for Quantitative Assessment - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Cyber Risk for the Financial Sector: A Framework for Quantitative Assessment write by Antoine Bouveret. This book was released on 2018-06-22. Cyber Risk for the Financial Sector: A Framework for Quantitative Assessment available in PDF, EPUB and Kindle. Cyber risk has emerged as a key threat to financial stability, following recent attacks on financial institutions. This paper presents a novel documentation of cyber risk around the world for financial institutions by analyzing the different types of cyber incidents (data breaches, fraud and business disruption) and identifying patterns using a variety of datasets. The other novel contribution that is outlined is a quantitative framework to assess cyber risk for the financial sector. The framework draws on a standard VaR type framework used to assess various types of stability risk and can be easily applied at the individual country level. The framework is applied in this paper to the available cross-country data and yields illustrative aggregated losses for the financial sector in the sample across a variety of scenarios ranging from 10 to 30 percent of net income.
Cybersecurity Risk Supervision
Cybersecurity Risk Supervision - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Cybersecurity Risk Supervision write by Christopher Wilson. This book was released on 2019-09-24. Cybersecurity Risk Supervision available in PDF, EPUB and Kindle. This paper highlights the emerging supervisory practices that contribute to effective cybersecurity risk supervision, with an emphasis on how these practices can be adopted by those agencies that are at an early stage of developing a supervisory approach to strengthen cyber resilience. Financial sector supervisory authorities the world over are working to establish and implement a framework for cyber risk supervision. Cyber risk often stems from malicious intent, and a successful cyber attack—unlike most other sources of risk—can shut down a supervised firm immediately and lead to systemwide disruptions and failures. The probability of attack has increased as financial systems have become more reliant on information and communication technologies and as threats have continued to evolve.
Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance
Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance write by El Bachir Boukherouaa. This book was released on 2021-10-22. Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance available in PDF, EPUB and Kindle. This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.
