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REGULATION OF CYBER RISK IN THE BANKING SYSTEM: A CANADIAN CASE STUDY

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Maziar Peihani
Maziar Peihani
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Journal of Financial Regulation, Volume 8, Issue 2, September 2022, Pages
139–161, https://doi.org/10.1093/jfr/fjac006
Published:
14 May 2022
Article history
Received:
20 September 2021
Revision received:
07 February 2022
Accepted:
29 March 2022
Published:
14 May 2022

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Maziar Peihani, Regulation of Cyber Risk in the Banking System: A Canadian
Case Study, Journal of Financial Regulation, Volume 8, Issue 2, September
2022, Pages 139–161, https://doi.org/10.1093/jfr/fjac006

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ABSTRACT

Cyber risk is one of the greatest threats facing any modern financial system; a
result of increasing dependence on technology and the appeal of troves of
personal data to well-equipped hackers. This article examines the governance of
cyber risk in the Canadian banking system in the context of the Covid-19 crisis,
which has led to a surge in cyber-attacks. It argues that the existing Canadian
regime, which draws heavily on the Basel operational risk framework, is unfit to
handle the unique challenges posed by cyber risk. Cyber incidents are unlike
traditional operational disruptions in both their dynamism and impact, and are
not adequately captured by backward-looking proxies, such as historical losses.
There is also a mismatch between the traditional risk-based supervision, which
relies on annual risk rating of banks, and the quickly changing cyber profile of
regulated entities. Furthermore, the bilateral and institution-specific nature
of such supervision leaves out the crucial systemic perspective on cyber risk.
This article calls for the current quantitative paradigm, which underlies
capital adequacy regulation, to be complemented with a resilience-centric
approach aimed at better accommodating and learning from unpredictable cyber
incidents. This shift requires revisiting traditional supervisory practices,
such as extensive reliance on centralized decision-making and planning—which may
prove ineffective in the face of a firm-wide cyber incident—and a dynamic
approach that keeps regulation in line with emergent knowledge. The article
outlines a number of strategies which can help banks and regulators navigate and
adapt to the ever-changing cyber landscape.

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academic.oup.com Open in urlscan Pro 52.224.90.245 Public Scan

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