Quantifying Cyber Risk in the Financial Services Industry

Larry Santucci

No 18-3, Consumer Finance Institute discussion papers from Federal Reserve Bank of Philadelphia

Abstract: The Consumer Finance Institute hosted a workshop in February 2017 featuring James Fox, partner and principal at PricewaterhouseCoopers (PwC) and a leading authority on cybersecurity in the financial services industry. He discussed the importance of measuring cyber risk, highlighted some challenges that financial institutions face in measuring cyber risk, and assessed several leading cyber-risk management methodologies. Fox also provided some recommendations for bank exams and insights into how federal agencies might begin to quantify systemic cyber risk. This paper summarizes Fox?s presentation and is supplemented by additional research.

Keywords: cyber risk; cybersecurity; risk appetite; risk quantification (search for similar items in EconPapers)
JEL-codes: G28 G32 K24 L14 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2018-11-11
New Economics Papers: this item is included in nep-ban and nep-pay
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