The paper synthesizes global experiences and key lessons in the regulation and supervision of cyber risk in the financial sector. It draws on the IMF’s financial stability surveillance and technical assistance work. It underscores the increasing frequency and complexity of cyber threats. These...

We propose a quantitative framework to track systemic risk arising from cyber vulnerabilities of the U.S. financial system. Synthesizing financial, economic, cyber, and network data that covers thousands of financial institutions and technological firms, we develop an index that tracks...

As Thailand's financial sector accelerates its digital transformation, cybersecurity has transitioned from a mere technical support function to a strategic imperative that governs operational risk and financial stability. This study empirically examines the efficacy of cyber risk controls and...

This study empirically investigates the performance of Elastic Machine Learning, an industrial, unsupervised anomaly detection tool, in the identification of fraudulent behavior in banking transactions. Using AI-generated datasets that were designed to simulate realistic banking environments,...

We live in an era where semiconductors underpin global technological infrastructures. However, the increasing complexity and cybersecurity vulnerabilities within semiconductor supply chains, exposes all technology-based industries to significant, cyber risks.This paper investigates how incumbent...

Although previous research on the predictors of cyber fraud victimization has provided evidence of the impact of routine activity and low self-control on the risk of cyber fraud victimization, little knowledge is available in Japan. In addition, to the best of our knowledge, no study has yet...

Health entities across Europe are increasingly reliant on digital solutions - from electronic health records and telemedicine to connected medical devices and AI-powered diagnostics. This digital transformation also brings greater exposure to cyber threats such as ransomware, phishing and the...

Cybersecurity incidents on critical infrastructure, including digital identification (ID) ecosystems, are often identified as one of the most pressing global risks. This note provides policy makers and practitioners in developing countries with a primer on how to address these risks, including...

This paper proposes a mission-oriented national strategy for strengthening cybersecurity and achieving digital sovereignty in the Netherlands for 2025–2035. It outlines an integrated framework across four pillars: national cyber resilience, sovereign digital procurement, innovation and...

Small- and Medium-sized Enterprises (SMEs) play a crucial role in the global economy, accounting for approximately two-thirds of global employment and contributing significantly to the GDP of developed countries. Despite the availability of various cybersecurity standards and frameworks, SMEs...

Ransomware has become the most common cyber risk for businesses. The rise is not driven by attackers using innovative attacks, but instead by deteriorating negotiation outcomes. The average payment grew by almost 20,000% since 2018. However, it remains unclear why attackers can demand ever...

This paper describes how cyber and material conflicts overlaps in the international system. Given countries' international alliances and conflicts, as well as their technical abilities, we want to uncover whether or not countries engage in cross-domain operations. Combining a dataset collecting...

Quantum technology is significantly transforming businesses, organisations, and information systems. It will have a significant impact on accounting and finance, particularly in the context of cybersecurity. It presents both opportunities and risks in maintaining confidentiality and protecting...

We demonstrate how computer-based simulations could support cyber stress testing exercises through a three-step framework. First, cyber-attack scenarios are designed to target the systemic nodes of a payment network at different times, disrupting a major bank, critical service provider,...

In this handbook, we define a cyber stress test as 'a targeted assessment of the resilience of individual organisations and their ability to withstand and recover from significant cybersecurity incidents, ensuring the provision of critical services, in different risk scenarios.' Stress tests...

Policy makers, risk managers and information security practitioners need up to date and accurate information on the current threat landscape, supported by situational awareness and threat analysis. The EU Agency for Cybersecurity (ENISA) Cyber Threat Landscape (CTL) reports have been published...

The NIS360 is a new ENISA product that assesses the maturity and criticality of sectors of high criticality under the NIS2 Directive, providing both a comparative overview and a more in-depth analysis of each sector. The NIS360 is designed to assist Member States and national authorities in...

Technology-focused Third-Party Service Providers (TPSPs) have become important players in the operations of financial institutions and the financial markets. This paper summarizes microand macro-prudential regulatory frameworks in place to address risks that TPSPs pose to the financial system....

The extraction of cyber threat intelligence (CTI) from open sources is a rapidly expanding defensive strategy that enhances the resilience of both Information Technology (IT) and Operational Technology (OT) environments against large-scale cyber-attacks. However, for most organizations,...

Cyber threat detection is a critical challenge in cybersecurity, with numerous existing solutions relying on rule-based systems, supervised learning models, and entropy-based anomaly detection. However, rule-based methods are often limited by their dependence on predefined signatures, making...

Generative artificial intelligence (GenAI) refers to machines that can create new ideas and generate outputs similar to human cognition. This technology has ushered in a new era, offering remarkable learning capabilities and producing unique results. In this paper, we explore the role of GenAI...

Authoritarian states are increasingly leveraging non-state cyber capabilities to expand their operational reach, thereby challenging conventional distinctions between state and non-state activity. This practice complicates attribution and presents obstacles for coordinated international...

The rapid advancement of artificial intelligence (AI) relies on a complex supply chain comprising five key layers: hardware, cloud infrastructure, training data, foundation models and AI applications. This paper examines the market structure of each layer and highlights the economic forces...

Quantum computers may in the future break today's widely used encryption. This paper provides a framework to support the financial system in the transition to quantum-safe cryptographic infrastructures. It emphasises the need to start the transition today – with broad awareness and...

As the incidences of traditional crime rates have begun to decline, there has been a surge and shift in the kinds of criminal activities perpetuated by individuals. The recent shift in criminal activities includes organized crime, white-collar crime, and cybercrime.The increased use and access...

As governments across the world increasingly undergo digitalisation processes, ensuring cybersecurity of these provisions cannot be 100% guaranteed. How, then, can governments best respond to a cybersecurity crisis in order to bolster cybersecurity in the future? Even Estonia, one of the...

This technical note and manual (TNM) draws lessons from cybersecurity surveys conducted by the Monetary and Capital Markets Department (MCM) to provide advice to central banks, supervisory authorities and policy makers seeking to strengthen cybersecurity of their financial sectors. The TNM...

State-sponsored cyber attacks are increasingly attracting attention in the literature, with many analysts interested in the firm-level economic implications of these attacks. Nevertheless, the bulk of these studies focus on firms directly targeted in the attacks. In this paper, I examine the...

We examine how cybercrime impacts victims' risk-taking and returns. The results from our difference-in-differences analysis of a sample of victim and matched non-victim investors on the Ethereum blockchain are in line with prospect theory and suggests that victims increase their long-term total...