Cyber Risk for the Financial Sector: a Framework for Quantitative Assessment
Cyber Risk for the Financial Sector: a Framework for Quantitative Assessment
Click to enlarge
Author(s): Bouveret, Antoine
ISBN No.: 9781484360750
Pages: 29
Year: 201806
Format: Trade Paper
Price: $ 27.60
Dispatch delay: Dispatched between 7 to 15 days
Status: Available

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.


To be able to view the table of contents for this publication then please subscribe by clicking the button below...
To be able to view the full description for this publication then please subscribe by clicking the button below...