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distributed participants can come to agreement. Distributed ledgers are considered Byzantine Fault Tolerant if they can solve such problems and ensure agreement. Consensus mechanisms primarily aim to seek agreement and ensure that it is carried out fairly and independently of any interested party. A good consensus mechanism should ensure robust network security, which certifies that participants and end users, like consumers, are protected. The BFA emphasizes the importance of integrity in financial systems, and, accordingly, consensus mechanisms should be scalable

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Technology plays an increasingly important role in financial services. With the pace of technological inno-vation moving ever faster, the role new technology plays in the provision of financial services is becoming increasingly fundamental. New technology can generate efficiencies for firms, lowering costs that can be passed on to end users. It can increase access to financial services and products for consumers, particularly the most vulnerable; however, new technology can also create new risks and unintended consequences that can harm financial stability, consumer protection, and market integrity. This primer is designed for financial supervisors at central banks, regulatory authorities, and government departments. It adds to existing literature by summarizing key aspects of popular consensus mechanisms at a high level, with a specific focus on how such mechanisms may impact the mandates of supervisors and policymakers when deployed in financial services markets. It could also help inform IMF staff on policy development and technical assistance related to crypto assets, stablecoins, and blockchains.
Tamas Gaidosch, Frank Adelmann, Anastasiia Morozova, and Christopher Wilson

Capital Markets Department. | Departmental paper series. | Includes bibliographical references. Identifiers: ISBN 9781513507545 (paper) Subjects: LCSH: Financial institutions—Risk management. | Financial institutions— Computer networks—Security measures. | Hacking—Prevention. Classification: LCC HG173.W55 2019 The Departmental Paper Series presents research by IMF staff on issues of broad regional or cross-country interest. The views expressed in this paper are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board

International Monetary Fund. Monetary and Capital Markets Department

.e. receiving a laptop from the bank). The bank would need to set up an internal account for the supervisor with read-only rights. Confidentiality would be protected by moving applications to special supervisory only folders. Alternatively, remote access technologies such as remote desktop protocol, secured virtual private networks, TeamViewer and virtual tour software, could be utilized. Generally, areas of IT security including application security, network security, host security, physical security, data security, access rights administration, authentication, are

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sixth individual. This can mean that from a small subset of known individuals, an agreement is reached across the network. This approach can create strong network security, as well-behaved nodes may not want to keep failed nodes in their slices out of concern the failed nodes will affect them negatively. 24 A well-known use case is Diem. 25 A mempool is used to store information such as unconfrmed transactions that are waiting to get validated. 26 A well-known use case is Hyperledger Sawtooth. 27 While the PoW can be expandable and so

International Monetary Fund. Monetary and Capital Markets Department
The RBZ is in the process of recommencing on-site examinations, but due to COVID-19 operational restrictions, these will need to be undertaken remotely. The RBZ has developed a draft remote examination framework document to guide this work and requested AFS assistance to review the framework, and also provide information on how other supervisors are undertaking examinations remotely. The mission provided training on international practice of remote examinations, which was presented by supervisors from the Bank of Ghana (BOG), Bank of Thailand (BOT) and the De Nederlandsche Bank (DNB) and reviewed the draft remote examination framework document. The training covered adjustments to examination framework and operational issues and key points of consideration when undertaking examinations remotely. The mission also reviewed the RBZ consolidated examination manual, to provide feedback to the RBZ on the feasibility of undertaking supervisory examinations remotely, as described in the manual and provide points for consideration for undertaking such examination remotely.
Mr. Omotunde E. G. Johnson, Mr. Jean-Marc Destresse, Mr. Nicholas Roberts, Mr. Mark Swinburne, Mr. Tonny Lybek, and Mr. Richard K. Abrams

Clearing House (ACH) processing, and net settlement services. There are also a number of private organizations that provide payment and settlement services or that perform standard-setting or rule-writing functions. Payment service providers include the New York Clearing House (NYCH), which operates CHIPS; local and national check clearinghouses; ATM networks; ACH networks; securities clearing organizations; and futures clearinghouses. In the area of standards setting, the National Automated Clearing House Association (NACHA) sets rules and standards for processing ACH

Tamas Gaidosch, Frank Adelmann, Anastasiia Morozova, and Christopher Wilson

of control effectiveness Identity and access rights management Software development lifecycle Security event logging and monitoring; malware prevention; security reviews (such as vulnerability scans, penetration, or red team testing) Business and ICT continuity and operational resilience Vendor and outsourcing risks management Cyber incident reporting Number and know-how of cyber/information security professionals ICT governance and ICT strategy Physical and network security Independent information security reviews, assessment, and testing

Tamas Gaidosch, Frank Adelmann, Anastasiia Morozova, and Christopher Wilson
This paper highlights the emerging supervisory practices that contribute to effective cybersecurity risk supervision, with an emphasis on how these practices can be adopted by those agencies that are at an early stage of developing a supervisory approach to strengthen cyber resilience. Financial sector supervisory authorities the world over are working to establish and implement a framework for cyber risk supervision. Cyber risk often stems from malicious intent, and a successful cyber attack—unlike most other sources of risk—can shut down a supervised firm immediately and lead to systemwide disruptions and failures. The probability of attack has increased as financial systems have become more reliant on information and communication technologies and as threats have continued to evolve.