Cyber risk is an emerging source of systemic risk in the financial sector, and possibly a macro-critical risk too. It is therefore important to integrate it into financial sector surveillance. This paper offers a range of analytical approaches to assess and monitor cyber risk to the financial sector, including various approaches to stress testing. The paper illustrates these techniques by applying them to Singapore. As an advanced economy with a complex financial system and rapid adoption of fintech, Singapore serves as a good case study. We place our results in the context of recent cybersecurity developments in the public and private sectors, which can be a reference for surveillance work.

The new OECD SME and Entrepreneurship Outlook presents the latest trends in performance of small and medium-sized enterprises (SMEs) and provides a comprehensive overview of business conditions and policy frameworks for SMEs and entrepreneurs. This year’s edition provides comparative evidence on business dynamism, productivity growth, wage gaps and export trends by firm size across OECD countries and emerging economies.

Cyber-attacks on financial institutions and financial market infrastructures are becoming more common and more sophisticated. Risk awareness has been increasing, firms actively manage cyber risk and invest in cybersecurity, and to some extent transfer and pool their risks through cyber liability insurance policies. This paper considers the properties of cyber risk, discusses why the private market can fail to provide the socially optimal level of cybersecurity, and explore how systemic cyber risk interacts with other financial stability risks. Furthermore, this study examines the current regulatory frameworks and supervisory approaches, and identifies information asymmetries and other inefficiencies that hamper the detection and management of systemic cyber risk. The paper concludes discussing policy measures that can increase the resilience of the financial system to systemic cyber risk.

This book gathers papers addressing state-of-the-art research in all areas of information and communication technologies and their applications in intelligent computing, cloud storage, data mining and software analysis. It presents the outcomes of the Fifth International Conference on Information and Communication Technology for Intelligent Systems (ICTIS 2021), held in Ahmedabad, India. The book is divided into two volumes. It discusses the fundamentals of various data analysis techniques and algorithms, making it a valuable resource for researchers and practitioners alike.

Aljunied examines how the Singaporean government developed a comprehensive state–society strategic relationship by ‘securitising’ vital policy areas because of Singapore’s vulnerability as a global city state. In the twenty-first century, the Singaporean government has strategically renewed an existing form of authoritarian rule by ‘militarising’ national security governance. The main objective is to widen and deepen state power. Senior military-trained civilian political leaders and bureaucrats use military personnel, command and control, terminology and strategy of war to deal with non-traditional security challenges leading to the state’s further domination over civil liberty and civil society. Aljunied analyses the information and communication, health and climate–environment sectors. The case studies highlight the way the Singaporean government has used varying forms of political engagement, surveillance and legislation to limit civil liberty and inhibit the development of civil society. This book is a valuable resource for researchers and students of Singapore Studies as well as for the readers of Security Studies with an interest in the global–local nexus in a small state context. It is a pioneering scholarly study on the national security framework and the use of non-traditional security discourse to strengthen state power and social stability at the expense of political liberalism.

Selected Issues

This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.