IDEAS home Printed from https://ideas.repec.org/p/imf/imfscr/2026-240.html

Italy: Financial Sector Assessment Program-Technical Note on Cyber Risk Supervision and Oversight

Author

Listed:
  • International Monetary Fund

Abstract

The Italian financial sector is undergoing rapid digital transformation, marked by significant investments in innovative technologies, especially in payments, insurance, and banking. Digital payments surpassed cash transactions since 2022. This transformation has led to increased reliance on third-party service providers, particularly cloud services, with 64 percent of Less Significant Institutions (LSIs) and Nonbank Financial Intermediaries (NBFIs) using cloud solutions. The insurance sector reports 96 percent cloud adoption, and digital channels are now the primary interface for most policyholders. As a result, cyber and operational risks have become a major concern, with rising incidents of fraud, ransomware, phishing, distributed denial-of-service (DDoS) attacks, supply chain vulnerabilities, and data breaches. In 2024, 35 major cyberattacks occurred and three of them resulted in estimated losses exceeding EUR 2 million each. Payment fraud losses reached EUR 246 million. Fraud accounts for only a marginal share of total payment transactions (around 0.003 percent in value) and was broadly in line with averages in the European Union. The sharp increase of operational incidents in 2024 highlighted the risk from using and depending on third-party service providers to deliver financial services.

Suggested Citation

  • International Monetary Fund, 2026. "Italy: Financial Sector Assessment Program-Technical Note on Cyber Risk Supervision and Oversight," IMF Staff Country Reports 2026/240, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2026/240
    as

    Download full text from publisher

    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=579293
    Download Restriction: no
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:imf:imfscr:2026/240. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Akshay Modi (email available below). General contact details of provider: https://edirc.repec.org/data/imfffus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.