Quantifying Cyber Risk in the Financial Services Industry

32 Pages Posted: 14 Dec 2018 Last revised: 29 Apr 2020

See all articles by Larry Santucci

Larry Santucci

Federal Reserve Bank of Philadelphia

Date Written: 2018-11-11

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

JEL Classification: G28, G32, K24, L14

Suggested Citation

Santucci, Larry, Quantifying Cyber Risk in the Financial Services Industry (2018-11-11). FRB of Philadelphia Payment Cards Center Discussion Paper No. 18-3, Available at SSRN: https://ssrn.com/abstract=3301247

Larry Santucci (Contact Author)

Federal Reserve Bank of Philadelphia ( email )

Ten Independence Mall
Philadelphia, PA 19106-1574
United States
2155746014 (Phone)

HOME PAGE: http://https://philadelphiafed.org/consumer-finance-institute/researchers/larry-santucci

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