Improving Data for Managing Cyber Risk and Building Resilience

43 Pages Posted: 26 Oct 2023

See all articles by Bryson Alexander

Bryson Alexander

Federal Reserve Banks - Quantitative Supervision & Research

Filippo Curti

Federal Reserve Bank of Richmond - Quantitative Supervision & Research

Jeffrey R. Gerlach

Federal Reserve Bank of Richmond

Stacey Schreft

Government of the United States of America - Office of Financial Research; Board of Governors of the Federal Reserve System

Date Written: September 25, 2023

Abstract

Gaps in the data available for assessing cyber risk have limited the development of metrics that would help the public and private sectors prevent and recover from cyberattacks and reduce systemic risk. Cyber incident disclosure rules, introduced to close the data gaps, help but fall short in supporting the effective management of cyber risk. This article examines current and proposed reporting requirements, especially in the financial sector, where they are the most advanced. It describes the data gaps that remain and discusses how moving toward a better and harmonized cyber incident data collection rule could improve cybersecurity and reduce the risk of catastrophic cyber incidents.

Keywords: Cyber risk, operational risk, cyber losses, systemic risk, cyber risk management, enterprise risk management

JEL Classification: G18, G28

Suggested Citation

Alexander, Bryson and Curti, Filippo and Gerlach, Jeffrey R. and Schreft, Stacey L., Improving Data for Managing Cyber Risk and Building Resilience (September 25, 2023). Available at SSRN: https://ssrn.com/abstract=4585966 or http://dx.doi.org/10.2139/ssrn.4585966

Bryson Alexander

Federal Reserve Banks - Quantitative Supervision & Research ( email )

United States

Filippo Curti (Contact Author)

Federal Reserve Bank of Richmond - Quantitative Supervision & Research ( email )

530 E Trade St
Charlotte, NC 28202
United States

Jeffrey R. Gerlach

Federal Reserve Bank of Richmond ( email )

530 E Trade Street
Charlotte, NC 28202
United States
704-358-2517 (Phone)

Stacey L. Schreft

Government of the United States of America - Office of Financial Research ( email )

717 14th Street, NW
Washington DC, DC 20005
United States

Board of Governors of the Federal Reserve System ( email )

20th Street and Constitution Avenue NW
Washington, DC 20551
United States

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