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Cyber Securing Cross-Border Financial Services: The Need for a Financial Cybersecurity Action Task Force

 

 

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Source
Journal of Information System Security
Volume 16, Number 2 (2020)
Pages 7997
ISSN 1551-0123
Authors
Keman Huang — Sloan School of Management, Massachusetts Institute of Technology, USA
Stuart Madnick — Sloan School of Management, Massachusetts Institute of Technology, USA
Publisher
Information Institute Publishing, Washington DC, USA

 

 

Abstract

Cyber risk could underlie the next financial crisis. Increasing trade policies on cross-border financial services have been implemented to manage cybersecurity concerns. Simply complying with the fragmented policies can cause unintended consequences for businesses and can even result in new cyber threats. This study develops a taxonomy to understand the effect of trade policies for cyber-securing the cross-border financial services. The analysis reveals that a Financial Cybersecurity Action Task Force, where both public and private sectors are involved, is necessary to create and promote cyber norms to balance innovation and systematic cyber risk within cross-border financial systems.

 

 

Keywords

Cross-border Financial Services, Cybersecurity Risk, Financial Cybersecurity Action Task Force, Trade Restrictions.

 

 

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