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Book Cover
E-book
Author Bouveret, Antoine, author

Title Cyber Risk for the Financial Sector : a framework for quantitative assessment / by Antoine Bouveret
Published Washington, D.C. : International Monetary Fund, [2018]

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Description 1 online resource (30 pages)
Series IMF working paper / WP/18/143
IMF working paper (Online) ; WP/18/143.
Contents Cover; Contents; Abstract; I. Introduction; II. An overview of cyber-attacks targeted at financial institutions; A. Cyber risk and types of cyber-attacks; B. Which countries are more exposed to cyber risk?; III. A framework to assess cyber risk for financial institutions; A. Why are financial institutions highly exposed to cyber risk?; B. Vulnerabilities in the financial sector; IV. A quantitative analysis of cyber risk for financial institutions; A. Overview of the methodology; B. Estimation of aggregated losses due to cyber risk; C. Results; D. Robustness and sensitivity analysis
v. ConclusionReferences; Appendix 1: Application of the framework for country surveillance; Appendix 2: Robustness checks for aggregate loss distribution; Figures; Figure 1: Survey of risks to financial stability; Figure 2: Reporting of cyber risk; Figure 3: Global Cybersecurity Index; Figure 4: Measure of cyber risk for banks; Figure 5: Number of cyber-attacks by country in the ORX database; Figure 6: Share of cyber-attacks by country; Figure 7: No relationship between size and losses; Figure 8: Correspondence analysis (terms contributing the most by types of attack)
Figure 9: Data breaches in the U.S. Figure 10: Estimation of aggregated losses; Figure 11: Histogram of losses; Tables; Table 1: Recent cyber-attacks on central banks; Table 2: Impact of disruption of infrastructures; Table 3: Cyber-attacks using SWIFT; Table 4: Cyber-attacks on Fintech firms; Table 5: Aggregate losses due to cyber risk
Summary "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."--Abstract
Notes Online resource; title from PDF title page (EBSCO, January 2, 2019)
Print version record
Subject Financial institutions -- Risk management
Computer security -- Security measures
Financial risk management.
BUSINESS & ECONOMICS -- Industrial Management.
BUSINESS & ECONOMICS -- Management.
BUSINESS & ECONOMICS -- Management Science.
BUSINESS & ECONOMICS -- Organizational Behavior.
Financial risk management
Banks.
Financial Markets And The Macroeconomy.
Insurance Companies.
Portfolio Choice.
Form Electronic book
ISBN 148436421X
9781484364215
1484360753
9781484360750