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Cyber risk as a threat to financial stability

Author

Listed:
  • Francisco José Herrera Luque
  • José Munera López
  • Paul Williams

Abstract

Los sistemas de información desempeñan un papel esencial en el funcionamiento de las entidades financieras. Si bien estos sistemas sustentan los servicios de las entidades y facilitan sus estrategias, sus vulnerabilidades subyacentes podrían constituir una importante fuente de riesgo, el ciberriesgo. Este tipo de riesgo puede afectar a las capacidades de las entidades financieras e incluso poner en peligro su viabilidad. Además, como consecuencia del elevado grado de interconexión e interdependencia entre los elementos del sistema financiero, el ciberriesgo podría contagiarse entre entidades. Por consiguiente, la materialización del ciberriesgo en su forma más extrema podría suponer una amenaza para la estabilidad del sistema financiero. Para abordar esta cuestión, en este artículo se presentan, en primer lugar, los ciberincidentes y sus costes estimados, centrando la atención en el sistema financiero. A continuación, se caracteriza el ciberriesgo, así como las principales vulnerabilidades y amenazas para la ciberseguridad que afectan a las entidades financieras. Este análisis va seguido de una explicación del posible impacto sistémico del ciberriesgo sobre el sistema financiero, basada en el uso de modelos teóricos. También se presentan aspectos destacados del marco regulatorio actual en materia de ciberriesgo de aplicación a las entidades financieras que operan en España y, por último, se examinan las líneas de trabajo futuras recomendadas para mejorar la gestión del ciberriesgo en el sistema financiero.

Suggested Citation

  • Francisco José Herrera Luque & José Munera López & Paul Williams, 2021. "Cyber risk as a threat to financial stability," Revista de Estabilidad Financiera, Banco de España, issue Primavera.
    • Handle: RePEc:bde:revist:y:2021:i:5:n:7
    Note: 40
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    References listed on IDEAS

    as
    1. Anil K. Kashyap & Anne Wetherilt, 2019. "Some Principles for Regulating Cyber Risk," AEA Papers and Proceedings, American Economic Association, vol. 109, pages 482-487, May.
    2. Emanuel Kopp & Lincoln Kaffenberger & Christopher Wilson, 2017. "Cyber Risk, Market Failures, and Financial Stability," IMF Working Papers 2017/185, International Monetary Fund.
    3. Joseph Goh & Mr. Heedon Kang & Zhi Xing Koh & Jin Way Lim & Cheng Wei Ng & Galen Sher & Chris Yao, 2020. "Cyber Risk Surveillance: A Case Study of Singapore," IMF Working Papers 2020/028, International Monetary Fund.
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