TY - BOOK ID - 85504172 TI - Cyber Risk for the Financial Sector: A Framework for Quantitative Assessment PY - 2018 SN - 148436421X 1484352564 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Banks and Banking KW - Industries: Financial Services KW - Online Safety & Privacy KW - Financial Markets and the Macroeconomy KW - Portfolio Choice KW - Investment Decisions KW - Banks KW - Depository Institutions KW - Micro Finance Institutions KW - Mortgages KW - Insurance KW - Insurance Companies KW - Actuarial Studies KW - Financing Policy KW - Financial Risk and Risk Management KW - Capital and Ownership Structure KW - Value of Firms KW - Goodwill KW - Financial Institutions and Services: General KW - Computer security KW - Banking KW - Financial services law & regulation KW - Cyber risk KW - Financial sector KW - Operational risk KW - Technology KW - Economic sectors KW - Financial regulation and supervision KW - Information technology KW - Security measures KW - Banks and banking KW - Financial services industry KW - Financial risk management KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:85504172 AB - 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. ER -