{
  "title": "Cyber Risk for the Financial Sector: A Framework for Quantitative Assessment",
  "publication": "IMF Working Papers, June 22, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2018/06/22/cyber-risk-for-the-financial-sector-a-framework-for-quantitative-assessment-45924",
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  "summary": "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",
  "sections": [
    {
      "heading": "Key findings and empirical documentation",
      "content": "- Cyber risk is identified as a key threat to financial stability following recent attacks on financial institutions.\n- The paper documents cyber incidents for financial institutions worldwide by analyzing different incident types: data breaches, fraud, and business disruption.\n- Patterns are identified using a variety of datasets (loss data, operational risk data).\n- Keywords and methodological markers include: aggregate loss, business operation, cyber attack, data breach, loss data, operational risk, Poisson distribution, systemic risk."
    },
    {
      "heading": "Quantitative framework and methodology",
      "content": "- The paper outlines a quantitative framework to assess cyber risk for the financial sector that draws on a standard VaR type framework used to assess various types of stability risk.\n- The framework is designed for application at the individual country level.\n- The framework uses cross-country data available to the author and applies statistical modeling (including references to Poisson distribution in the methodological keywords)."
    },
    {
      "heading": "Illustrative results and scenarios",
      "content": "- The framework applied to the available cross-country data yields illustrative aggregated losses for the financial sector in the sample.\n- Scenarios presented in the paper produce aggregated losses ranging from 10 to 30 percent of net income."
    },
    {
      "heading": "Policy implications and use",
      "content": "- The framework can be used by supervisors, central banks, and financial institutions to quantify cyber-related losses and to inform risk management and financial stability analysis.\n- By adapting a VaR type approach, the framework facilitates scenario analysis and aggregation of cyber losses at country level to support macroprudential assessment."
    },
    {
      "heading": "Publication and metadata",
      "content": "- Author: Antoine Bouveret\n- Publication type: IMF Working Papers, Working Paper No. 2018/143\n- Publication date: June 22, 2018\n- Pages: 29\n- Volume: 2018\n- Issue: 143\n- DOI: https://doi.org/10.5089/9781484360750.001\n- ISSN: 1018-5941\n- ISBN: 9781484360750\n\nSource: Cyber Risk for the Financial Sector: A Framework for Quantitative Assessment, IMF Working Paper No. 2018/143 (June 22, 2018) by Antoine Bouveret.\n\n---\n\n Content in this bundle\n\n- Cyber Risk for the Financial Sector: A Framework for Quantitative Assessment, WP/18/143, July 2018\n  - Cyber Risk for the Financial Sector: A Framework for Quantitative Assessment, WP/18/143, July 2018 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Cyber Risk for the Financial Sector: A Framework for Quantitative Assessment, WP/18/143, July 2018 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2018/06/22/cyber-risk-for-the-financial-sector-a-framework-for-quantitative-assessment-45924"
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    "Authors: Antoine Bouveret",
    "Published: June 22, 2018",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781484360750.001",
    "Cyber risk is identified as a key threat to financial stability following recent attacks on financial institutions.",
    "The paper documents cyber incidents for financial institutions worldwide by analyzing different incident types: data breaches, fraud, and business disruption.",
    "Patterns are identified using a variety of datasets (loss data, operational risk data).",
    "Keywords and methodological markers include: aggregate loss, business operation, cyber attack, data breach, loss data, operational risk, Poisson distribution, systemic risk.",
    "The paper outlines a quantitative framework to assess cyber risk for the financial sector that draws on a standard VaR type framework used to assess various types of stability risk.",
    "The framework is designed for application at the individual country level.",
    "The framework uses cross-country data available to the author and applies statistical modeling (including references to Poisson distribution in the methodological keywords).",
    "The framework applied to the available cross-country data yields illustrative aggregated losses for the financial sector in the sample.",
    "Scenarios presented in the paper produce aggregated losses ranging from 10 to 30 percent of net income.",
    "The framework can be used by supervisors, central banks, and financial institutions to quantify cyber-related losses and to inform risk management and financial stability analysis.",
    "By adapting a VaR type approach, the framework facilitates scenario analysis and aggregation of cyber losses at country level to support macroprudential assessment.",
    "Author: Antoine Bouveret",
    "Publication type: IMF Working Papers, Working Paper No. 2018/143",
    "Publication date: June 22, 2018",
    "Pages: 29",
    "Volume: 2018",
    "Issue: 143",
    "DOI: https://doi.org/10.5089/9781484360750.001",
    "ISSN: 1018-5941",
    "ISBN: 9781484360750",
    "**Cyber Risk for the Financial Sector: A Framework for Quantitative Assessment, WP/18/143, July 2018**"
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