Cyber Risk for the Financial Sector : A Framework for Quantitative Assessment /

Cyber risk has emerged as a key threat to financial stability, following recent attacks on financial institutions. This paper presents a novel documentation of cyber risk around the world for financial institutions by analyzing the different types of cyber incidents (data breaches, fraud and busines...

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Autor principal: Bouveret, Antoine
Format: Revista
Idioma:English
Publicat: Washington, D.C. : International Monetary Fund, 2018.
Col·lecció:IMF Working Papers; Working Paper ; No. 2018/143
Matèries:
Accés en línia:Full text available on IMF
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520 3 |a Cyber risk has emerged as a key threat to financial stability, following recent attacks on financial institutions. This paper presents a novel documentation of cyber risk around the world for financial institutions by analyzing the different types of cyber incidents (data breaches, fraud and business disruption) and identifying patterns using a variety of datasets. The other novel contribution that is outlined is a quantitative framework to assess cyber risk for the financial sector. The framework draws on a standard VaR type framework used to assess various types of stability risk and can be easily applied at the individual country level. The framework is applied in this paper to the available cross-country data and yields illustrative aggregated losses for the financial sector in the sample across a variety of scenarios ranging from 10 to 30 percent of net income. 
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