This report examines the rising frequency and complexity of cybersecurity incidents and their implications for global financial markets, with a focus on how cyber and geopolitical risks intersect through supply chains and shared digital infrastructure. It draws on examples from ASEAN economies and beyond and provides policy considerations to strengthen baseline security, third-party oversight, regional co‑operation and forward-looking assessments, with a view to reduce infrastructure fragility, maintain market confidence and protect financial stability.
The paper is an output of the OECD Committee on Financial Markets. The paper benefited from comments from delegates to the Committee on Financial Markets, OECD colleagues, including from the Directorate for Science, Technology and Innovation, and stakeholders, including the Economic Research Institute for ASEAN and East Asia (ERIA), and academia.
The report was prepared by the Capital Markets and Financial Institutions Division of the OECD Directorate for Financial and Enterprise Affairs. It has been prepared by Masayoshi Chida, under the supervision of Fatos Koc, Head of the Financial Markets Unit, and Serdar Çelik, Head of Division.
The author is grateful for the support of Kentaro Ogata (Ministry of Finance of Japan), Tomoyuki Omori (Permanent Delegation of Japan to the OECD), and the Government of Japan for providing funding to this work.