Some Principles for Regulating Cyber Risk
Anil K Kashyap and
No 13324, CEPR Discussion Papers from C.E.P.R. Discussion Papers
We explain why cyber risk differs from other operational risks in the financial sector. The form of cyber shocks differs because of their intent, probability of success, possibility of a hidden phase and evolving form of the risks. The impact differs because problems can spread quickly and because uncertainty over the possibility of a hidden phase can impact responses. We explain why private incentives to attend to these risks may differ from societies' preferences and develop six (micro- and macroprudential) regulatory principles to deal with cyber risk.
Keywords: cyber risk; macroprudential regulation; stress test (search for similar items in EconPapers)
JEL-codes: G18 G28 L51 O33 (search for similar items in EconPapers)
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