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Quantifying Cyber Risk in the Financial Services Industry

Author

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  • Larry Santucci

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.

Suggested Citation

  • Larry Santucci, 2018. "Quantifying Cyber Risk in the Financial Services Industry," Consumer Finance Institute discussion papers 18-3, Federal Reserve Bank of Philadelphia.
  • Handle: RePEc:fip:fedpdp:18-03
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    File URL: https://www.philadelphiafed.org/-/media/frbp/assets/consumer-finance/discussion-papers/dp18-03-quantifying-cyber.pdf
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    More about this item

    Keywords

    cyber risk; cybersecurity; risk appetite; risk quantification;
    All these keywords.

    JEL classification:

    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • K24 - Law and Economics - - Regulation and Business Law - - - Cyber Law
    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation

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