Excerpt: “We demonstrate how computer-based simulations could support cyber stress testing exercises through a three-step framework. First, cyber-attack scenarios are designed to target the systemic nodes of a payment network at different times, disrupting a major bank, critical service provider, large-value payment system, and a foreign exchange settlement system. Second, the stress resulting from the scenarios is simulated using transaction-level data, and its impact is measured through a range of risk metrics. And third, cyber preparedness is discussed to identify effective practices that could strengthen the cyber resilience of the financial sector. The exercise provides insights into the main vulnerabilities of the financial sector and key transmission channels under plausible scenarios that necessitate preemptive action and recovery and response measures.”
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