About this learning event

The increasing digitalization of financial services as well as the entry of new market players and business models has multiplied the risk of cyber attackers with systemic impact.

The growing number and sophistication of cyber-attacks are threatening to outstrip efforts to strengthen resilience against them, including in terms of financial sector regulation and supervision. Most jurisdictions experience a shortage of skills in this area, particularly in relatively less mature financial sectors. To counter this, it is necessary to strengthen cybersecurity regulatory and supervisory capacity. 

The workshop will help participants to better understand cyber risk as it relates to the financial sector, its potential impact on institutions and financial stability, and ways to mitigate it through regulation and effective supervision.

More specifically, the workshop will:

• introduce participants to cybersecurity fundamentals and promote commonly accepted definitions and vocabulary;
• familiarize participants with typical Information Technology architectures used at financial institutions and their implications for cyber risk;
• enhance supervisors’ capacity to identify key drivers of cyber risk and risk transmission channels through which financial stability may be impacted;
• develop supervisory skills needed for performing effective on-site and off-site cybersecurity supervision of financial market infrastructures; and
• promote greater consistency of cybersecurity regulation, harmonization of requirements, and information sharing.

Who should attend

Employees working in banking regulation and banking supervision departments; participants from other departments in central banks and financial supervisory authorities may be considered to join (e.g. employees working on payment systems).

Faculty

• Tamas Gaidosch, Senior Financial Sector Expert, Monetary and Capital Markets, International Monetary Fund

Tamas's  responsibilities in Financial Regulation and Supervision Division include designing and rolling out IMF’s global Cyber Risk Technical Assistance program for financial sector regulatory and supervisory authorities, participating in financial sector surveillance, developing policy recommendations, and representing IMF on cyber-security matters in international standard setting bodies. Before joining the IMF, Tamas was in charge for IT Supervision at the Central Bank of Hungary (2015-2017). Prior to that position Tamas was a partner at Deloitte (2013-2014) being in charge for the firm’s Enterprise Risk Services in Central Europe. Earlier he worked at KPMG (1999-2013) as Head of Risk Consulting in Hungary. He holds a Masters degree in Computer Science, is an Executive MBA (Ecole des Ponts ParisTech), and holds CISA, CISM and CISSP certifications.

• Emran Islam, Senior Financial Sector Expert, Monetary and Capital Markets, International Monetary Fund

Emran joined the IMF in 2020 as a Senior Financial Sector Expert in the Financial Regulation and Supervision Division. In his previous role, Emran was a Senior Oversight Expert at the European Central Bank (ECB) and the lead for developing and operationalizing the cyber resilience strategy for the European Union. He was a part of the team that developed TIBER-EU, the Cyber Resilience Oversight Expectations, established the Euro Cyber Resilience Board, developed and operationalized the market-wide cyber exercise (UNITAS) and developed the Cyber Incident and Information Sharing Initiative (CIISI-EU). Emran has been involved in various international cyber groups, including the G7 Cyber Expert Group, the CPMI Task Force for endpoint security, the FSB Cyber Lexicon Working Group, the CPMI-IOSCO Cyber Working Group, the ESRB Systemic Cyber Working Group and the World Bank FIGI. As part of this international work, Emran has been involved in drafting the CPMI-IOSCO Cyber Guidance, the different G7 Fundamental Elements, the CPMI strategy for endpoint security and the FSB Cyber Lexicon. He was involved in the G10 Oversight of SWIFT and was the overseer of STEP2-T and EURO1. Prior to joining the ECB in 2015, Emran worked at the Bank of England for 5 years, where he was an FMI supervisor, as well as leading the cyber work for UK FMIs (inlcuding the development of CBEST). Emran is a Chartered Accountant, and has previously worked at Goldman Sachs, PwC, IBM and the central government. Emran has a BA and MPhil from the University of Oxford.

• Borut Poljšak, Assistant Director, Financial Stability and Macroprudential Policy, Banka Slovenije

Borut Poljšak has a Master's degree from the Faculty of Economics (direction business informatics). Since 2015, he is working at the Bank of Slovenia in the Financial Stability and Macroprudential Policy department. His main areas of interest are digitalization, operational risk and cybersecurity from a financial stability perspective. He is mainly involved in the development and implementation of various macro-prudential instruments that identify potential systemic risks in the banking system. He leads and participate in various projects that refer to the improvement of the business process, implementation of new financial technologies, central bank digital currency (CBDC) and data management. Since 2018, he is increasingly active in the areas of digitization and cybersecurity of the banking system. He participates in various working and project groups in the areas of digitization and cybersecurity at both national and international level (ESRB, IMF and OECD) and actively presents these topics at conferences and professional meetings. Since 2022, he is Assistant Director of the Financial Stability and Macroprudential Policy Department.

• Marjan Flis, Senior Supervisor, Banking Supervision, Banka Slovenije

Practical information

• Participants will be accepted as self-funded.
• The event will be delivered in English language. There will be no translation provided.
• Upon successful event completion, participants will receive a certificate.

Partners

This learning initiative was supported by: