Cyber Risk and Resilience: Strategies, Policies and Frameworks for Central Banks
Cyber Risk and Resilience Seminar
NEW! Cyber Risk and Resilience: Strategies, Policies and Frameworks for Central Banks
Chair: Chris Gale, former Senior Vice President, Federal Reserve Bank of Boston
Tuesday 27th November
Cyber resilience: Key risks and opportunities
Cyber security: dealing with cyber and denial of service attacks
Pieralberto Deganello, Vice President, Customer Relations and Support Office (CRSO), Security and Risk Management Team, Federal Reserve Bank of Chicago (invited)
- An overview of the current cyber threat landscape
- Differentiation of types of attacks; phishing, DDoS etc.
- Assessment of how IT defences have stood up in recent attacks
- Evaluation of information security strategies
Central banks and the Big Data opportunity
Gareth Peters, Professor Statistics in Risk, Heriott-Watt University
- An outline the impact of Big Data on central banks
- Understanding the use of Big Data to aid cyber resilience
- Discussion on the processes required to make the most of information assets
- Benefits and challenges of aspects such as collection, quality control, budgeting, inter-department work, governance and external sourcing, and how Big Data can assist with these
Cloud computing: capacity vs security
Pieralberto Deganello
- An overview of the main aspects of cloud computing
- Explanations of the main concerns around security and confidentiality and reasoning behind these concerns
- Debates on benefits, limitations and potential legal and security risks involved in cloud computing from a central bank’s perspective
- Use cases of cloud computing and successes and challenges of these
Workshop: Central banks cyber security: risk resilience & crisis management
Led by the chair, Chris Gale
- Interactive workshop assessing cyber security strategies against digital attacks
- Measuring business impact analysis (BIA) of operational outages
- Crisis management for disruptions to operational systems
- Risk resiliency strategies and measures against digital interruptions
Wednesday 28th November
Lab Workshop: RegTech and Cyber in Action
New opportunities in data automation and standardisation
Kimmo Soramäki, Founder and CEO, Financial Network Analytics and founding Editor-in-Chief, Journal of Network Theory in Finance
- The impact of new software platforms on the regulatory value chain
- Implications for coordination between the regulator and the regulated
- Management of sensitive issues in the areas of security standards and confidentiality
- Hands-on exercises on regulatory applications of consistent and interoperable statistics
Cross-industry guidance: strengthening resilience of digital financial ecosystems
Herbert Poenisch, former Senior Economist Bank for International Settlements
- Overview of key risks for infrastructures based on computer systems and digital information
- Examples of intelligence-led exercises against critical financial systems
- The role of cooperation and coordination between the regulator and the regulated
- Hands-on exercise on design and implementation of cross-industry guidance
Making the most of available technology: a case for combining Big Data and Machine Learning
Gareth Peters, Professor for Statistics in Risk, Heriott-Watt University
- Overview of methods and practices for combining available technologies and digital platforms
- Management of key operational and ethical risks and challenges
- Implications for institutional organisation and resources
- Hands-on exercises on combining Big Data and Machine Learning in cyber security and regulation
Detection, investigation and prevention of DDOS attacks
Kimmo Soramäki and Pieralberto Deganello, Vice President, Customer Relations and Support Office (CRSO), Security and Risk Management Team, Federal Reserve Bank of Chicago (invited)
- Key features of Distributed Denial of Services (DDoS) attacks
- Implications for the work of central bankers, regulators and supervisors
- Applications of advanced technology in identification on DDoS attacks
- Hands-on exercises on detection of anomalies in cyber networks
Thursday 29th November
Managing Regulatory Challenges of the High-Tech Era
RegTech and SupTech for AML and Anti-fraud
Kimmo Soramäki and David Lewis, Executive Secretary, Financial Action Task Force (invited)
- Key financial crime risks of the digital era
- Examples of Blockchain and Machine Learning applications in KYC and KYCC
- Best methods and practices of automated vs. manual Fraud and AML investigation
- The role of international and public-private cooperation and coordination
Sandboxes, incubators and accelerators: coordinating innovation with regulatory compliance
Sopnendu Mohanty, Chief FinTech Officer, Monetary Authority of Singapore (invited)
- Strategies helping innovation comply with legal and regulatory requirements
- Overview of the MAS’ initiative – success stories and steps to be avoided
- Issues of funding and resourcing
- Potential for international cooperation
What next for RegTech and SupTech?
Panel with David Lewis and Sopnendu Mohanty
- Policy responses to key technological and operational challenges for 2019 and beyond
- Standardisation of Artificial Intelligence and Machine Learning
- Regulation of financial services delivered by technology providers
- Implications for regulators’ institutional organisation and resourcing
Delegate action points and course conclusion
Kimmo Soramäki, Founder and CEO, Financial Network Analytics and founding Editor-in-Chief, Journal of Network Theory in Finance
- Summary of the training course
- Critical evaluation of the observed trends and case studies
- Recommendations toward application of learning points in the delegates’ home organisations
- Preparation of action points