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Joseph Goh, Mr. Heedon Kang, Zhi Xing Koh, Jin Way Lim, Cheng Wei Ng, Galen Sher, and Chris Yao
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.
International Monetary Fund
The net administrative budget for FY2017 has been set at US$1,072.5 million. After four years of zero real growth, the FY 2017 budget includes an increase of ½ percent in constant dollar terms to cover the institution’s rising IT and physical security costs, as well as a small adjustment for increases in the salary structure and in the costs of non-personnel expenses. The budget envelope also entails reallocation measures of 1.5 percent of resources and institution-wide savings to meet new high priority tasks and commitments to the membership. The FY2017 capital budget, set at US$60.5 million, provides financing for new capital projects for building facilities and IT.
Joseph Goh, Mr. Heedon Kang, Zhi Xing Koh, Jin Way Lim, Cheng Wei Ng, Galen Sher, and Chris Yao

-party service providers with specialized expertise. However, outsourcing activities also expose firms to cyber risks associated with the IT security posture of their outsourcing partners. For example, cyber breaches at outsourcing partners could led to disruption of outsourced services, leakage of sensitive customer information, or compromise of financial institutions’ IT environments through the IT linkages that they have established with their partners. This creates a risk that needs to be monitored. Furthermore, concentration risk can arise if many financial firms rely on

International Monetary Fund. Fiscal Affairs Dept.

Accounts A. Administrative Segment B. Economic Segment C. Fund Segment IV. Medium-term Budget Framework A. Background B. Progress with MTBF C. Linkages Between MTBF, SCoA, and PB D. Accommodating Decentralized Units Going Forward V. IT Environment A. IT Systems in Use B. Need for IT Environment to Accommodate the Needs of the SCoA and Other Reforms VI. Project Management BOXES 1. Four Parts of the Program Policy Statement 2. Characteristics of Effective SMART Indicators FIGURES 1. Elements of Financial Information 2. Scope of