Cyber Securing Cross-border Financial Services: Calling for a Financial Cybersecurity Action Task Force (Revised)
Working Paper CISL# 2020-17
11 Pages Posted: 28 Apr 2020
Date Written: March 1, 2020
Cyber risk can underlie the next financial crisis. Increasing trade policies on cross-border financial services have been implemented to manage cybersecurity concerns. Simply complying with the fragmented policies can cause unintended consequences for businesses and can even result in new cyber threats. This study develops a taxonomy to understand the effect of the trade policies for cyber-securing the cross-border financial services. The analysis reveals that a Financial Cybersecurity Action Task Force, where both public and private sectors are involved, is necessary to create and promote cyber norms to balance innovation and systematic cyber risk within cross-border financial systems.
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