IMF Global Financial Stability Report. Chapter 3 Cyber Risk.
“Cyber Risk: A Growing Concern for Macrofinancial Stability”. Presentation in Spain
June 24, 2024 - IESE Campus Madrid - Executive Building (exclusively in-person)
IMF Global Financial Stability Report. Chapter 3 Cyber Risk.
“Cyber Risk: A Growing Concern for Macrofinancial Stability”. Presentation in Spain
June 24, 2024 - IESE Campus Madrid - Executive Building (exclusively in-person)
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The Global Financial Stability Report (GFSR) provides an assessment of the global financial system and markets and addresses emerging market financing in a global context. The April 2024 issue of the GFSR draws in part on a series of discussions with banks, securities firms, asset management companies, hedge funds, standard setters, financial consultants, pension funds, trade associations, central banks, national treasuries, and academic researchers.

Against a backdrop of growing digitalization, evolving technologies, and rising geopolitical tensions, cyber risks are on the rise. Chapter 3 shows 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. While better cyber legislation and cyber-related governance arrangements at firms can help mitigate these risks, cyber policy frameworks remain generally inadequate, especially in emerging market and developing economies.

Thus, 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. Additionally, 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.

Next June 24th, Chapter 3 will be presented in Spain at the IESE Madrid campus.


Agenda

13:00

Presentation Chapter 3: “Cyber Risk: A Growing Concern for Macrofinancial Stability”

 

·         Mrs. Mahvash S. Qureshi, Assistant Director, Monetary and Capital Markets Department, IMF

 

·         Mr. Rafael Barbosa, Economist, Global Financial Stability Analysis Division, Monetary and Capital Markets Department, IMF

·         Moderator: Prof. Germán López-Espinosa, Academic Director at IESE Center for International Finance, and Professor at University of Navarra and IESE

14:00

Spanish Wine

DATE AND TIME
Monday, June 24, 2024
1:00 p.m. - 2:30 p.m.
LOCATION
Executive Building Madrid , Madrid, ES
REGISTRATION FEES

Invitation: Free

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Location


IESE Business School, Madrid campus, Camino del Cerro del Águila 3, 28023 Madrid, Spain