Cyber Risk Surveillance: A Case Study of Singapore

32 Pages Posted: 28 Feb 2020

See all articles by Joseph Goh

Joseph Goh

Independent

Heedon Kang

International Monetary Fund (IMF)

Zhi Xing Koh

Government of the Republic of Singapore - Monetary Authority of Singapore (MAS)

Jin Way Lim

Independent

Cheng Wei Ng

Independent

Galen Sher

International Monetary Fund (IMF)

Chris Yao

Independent

Date Written: February 2020

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.

Keywords: Systemically important financial institutions, Financial crises, Financial institutions, Financial systems, Financial services, Cyber risk, financial innovation, systemic risk, stress test., WP, cyber, cybersecurity, value-at-risk, financial institution, MAS

JEL Classification: E44, G01, G21, G22, G28, E63, E01, G2, K2

Suggested Citation

Goh, Joseph and Kang, Heedon and Koh, Zhi Xing and Way Lim, Jin and Wei Ng, Cheng and Sher, Galen and Yao, Chris, Cyber Risk Surveillance: A Case Study of Singapore (February 2020). IMF Working Paper No. 20/28, Available at SSRN: https://ssrn.com/abstract=3545291

Heedon Kang

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Zhi Xing Koh

Government of the Republic of Singapore - Monetary Authority of Singapore (MAS) ( email )

10 Shenton Way #18-00
MAS Building
Singapore, 079117
Singapore

Jin Way Lim

Independent

Cheng Wei Ng

Independent

Galen Sher

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Chris Yao

Independent

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