The Bank of International Settlements (BIS) is a financial institution owned by Central banks.

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The Bank of International Settlements (BIS) is a financial institution owned by Central banks. It fosters international monetary and financial cooperation and serves as a bank for central banks. It drives the Basel accords and the regulatory capital requirements that affect many financial institutions globally.
 
The enclosed paper presents the current view of cyberattacks and the cybersecurity of global central banks. As the cyber risk landscape continues to evolve Central Banks are adapting to manage cyber risk by adopting cyber risk management frameworks and increasing cyber spend. But there is a mixed response as to the adequacy of cyber spend, availability of security staff and the adequacy of cyber insurance.
 
There is concern over the stability of the financial sector as
cyberattacks increase in frequency, complexity and severity of impact. With concern raised of the potential large losses from a systemically relevant cyberattack if the target is against a big tech providing critical cloud infrastructure.
 
One cannot under estimate the role of Central banks in financial
stability and the impact of a successful cyber attack. Christine Lagarde warned of the impact of cyber on the Financial Sector back in 2020. (https://lnkd.in/e8ZPPi2n)

Ted Dziekanowski

#cybersecurity #cyberriskmanagement #cyberregulation #theaugustagroup

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