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Cyber Risk Surveillance: A Case Study of Singapore

Author

Listed:
  • Joseph Goh
  • Mr. Heedon Kang
  • Zhi Xing Koh
  • Jin Way Lim
  • Cheng Wei Ng
  • Galen Sher
  • Chris Yao

Abstract

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.

Suggested Citation

  • 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.
    • Handle: RePEc:imf:imfwpa:2020/028
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    References listed on IDEAS

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    1. Shinichi Kamiya & Jun-Koo Kang & Jungmin Kim & Andreas Milidonis & René M. Stulz, 2018. "What is the Impact of Successful Cyberattacks on Target Firms?," NBER Working Papers 24409, National Bureau of Economic Research, Inc.
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    Cited by:

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    2. Anneke Kosse & Zhentong Lu, 2022. "Transmission of Cyber Risk Through the Canadian Wholesale Payment System," Staff Working Papers 22-23, Bank of Canada.
    3. Francisco José Herrera Luque & José Munera López & Paul Williams, 2021. "Cyber risk as a threat to financial stability," Financial Stability Review, Banco de España, issue Spring.
    4. Claudiu Ioan Negrea, 2022. "Can Cyber Risk Affect Financial Stability?," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 368-376, September.
    5. Anand, Kartik & Duley, Chanelle & Gai, Prasanna, 2022. "Cybersecurity and financial stability," Discussion Papers 08/2022, Deutsche Bundesbank.
    6. Gąsiorkiewicz Lech & Monkiewicz Jan & Monkiewicz Marek, 2020. "Technology-Driven Innovations in Financial Services: The Rise of Alternative Finance," Foundations of Management, Sciendo, vol. 12(1), pages 137-150, January.
    7. Francisco José Herrera Luque & José Munera López & Paul Williams, 2021. "Cyber risk as a threat to financial stability," Financial Stability Review, Banco de España, issue Spring.
    8. Ruihui Pu & Deimante Teresiene & Ina Pieczulis & Jie Kong & Xiao-Guang Yue, 2021. "The Interaction between Banking Sector and Financial Technology Companies: Qualitative Assessment—A Case of Lithuania," Risks, MDPI, vol. 9(1), pages 1-22, January.
    9. 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.
    10. Madurai Elavarasan, Rajvikram & Shafiullah, GM & Raju, Kannadasan & Mudgal, Vijay & Arif, M.T. & Jamal, Taskin & Subramanian, Senthilkumar & Sriraja Balaguru, V.S. & Reddy, K.S. & Subramaniam, Umashan, 2020. "COVID-19: Impact analysis and recommendations for power sector operation," Applied Energy, Elsevier, vol. 279(C).

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