The digitization of banking and payments offers great promise for advancing financial inclusion. But cyber threats have become a growing concern in emerging financial markets across the world and are affecting both consumers' trust and confidence in financial service providers (FSPs) and FSPs' financial assets. Governments in emerging markets are also becoming aware of the need to develop regulatory frameworks, industry guidance and supervisory processes. However, cyber security management and monitoring require new expertise and resources for both FSPs and governments that are often scarce in developing countries due to the lack of capacity and affordable support services.This panel assessed the relevance and challenges of data security risk management for FSPs, regulators and supervisors in developing and emerging economies. Based on the panels' insights and experience, they discussed what it may take for FSPs and policy makers to overcome the capacity gap and manage data security more effectively.
EMW 2019 - Managing cyber security risks