Mexico:Financial Sector Assessment Program-Technical Note on Cyber Resilience and Financial Stability

Author: International Monetary Fund. Monetary and Capital Markets Department

Financial Sector Assessment Program-Technical Note on Cyber Resilience and Financial Stability

Volume/Issue: Volume 2022 Issue 340

Publication date: November 2022

ISBN: 9798400224720

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Topics covered in this book

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Finance , Money and Monetary Policy , Public Finance , International - Economics , information security , financial system Stability Council , cybersecurity risk supervision , Banco de México , supervision of participant , simulation exercise , payment system oversight function , Cyber risk , Financial sector , Financial sector stability , Infrastructure , PFM information systems , Global

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Summary

Mexico’s financial system is digitalizing rapidly, increasing exposure to cyber risk. As in other jurisdictions, internet and mobile banking users in Mexico have increased substantially, but cyber incidents have also surged in recent years. The tight interdependencies within its financial system, and beyond, make Mexico vulnerable to evolving cyber threats. Thus, the Financial System Stability Council (CESF) has recognized cyber as a risk with potential to impact financial stability.