Opening Remarks
Ales Bulir, Deputy Director, Singapore Regional Training Institute - International Monetary Fund
Moderator
Natalia Novikova, Resident Representative, International Monetary Fund
Speakers
Ms. Mahvash S. Qureshi, Assistant Director, Monetary and Capital Markets, International Monetary Fund
Mr. Tomohiro Tsuruga, Senior Financial Sector Expert, Monetary and Capital Markets, International Monetary Fund
Venue Details
Format
Hybrid (Note: Registration for physical attendance is subject to confirmation by the organizer)
Date
June 11, 2024
Time:
10:30 am - 11:30 am
Registration
Location
IMF – Singapore Regional Training Institute
79 Robinson Road, #16-01, Singapore 068897
CYBER RISK - A GROWING CONCERN FOR MACROFINANCIAL STABILITY
Against a backdrop of growing digitalization, evolving technologies, and rising geopolitical tensions, cyber risks are on the rise. IMF’s April 2024 Global Financial Stability Report showed that while cyber incidents have thus far not been systemic the risk of extreme losses from such incidents has increased. The financial sector is highly exposed, and a severe cyber incident could pose macro-financial stability risks through a loss of confidence, disruption of critical services, and spillovers to other institutions through technological and financial linkages. Cyber policy frameworks require further enhancement, especially in emerging market and developing economies. The cyber resilience of the financial sector needs to be strengthened by developing adequate national cybersecurity strategies, appropriate regulatory and supervisory frameworks, a capable cybersecurity workforce, and domestic and international information-sharing arrangements. Reporting of cyber incidents should be strengthened to allow for more effective monitoring of cyber risks. Supervisors should hold board members responsible for managing the cybersecurity of financial firms and promoting a conducive risk culture, cyber hygiene, and cyber training and awareness. Regular test response and better recovery procedures would help to limit potential disruptions. National authorities should develop effective response protocols and crisis management frameworks.
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