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May 2022
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43 Reads
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5 Citations
FEDS Notes
Cyber risk, defined as the risk of loss from dependence on computer systems and digital technologies, has grown in the financial system. Cyber events, especially cyberattacks, are among the top risks cited in financial stability surveys in the United States and globally.
... In this article, we examine how the consequences of a cyberattack evolve over the financial cycle, in particular, during periods of financial stress. We begin with cyber risk, the risk of loss stemming from an attack on or breach of computer systems and digital technologies (Brando et al. 2022;Curti et al. 2023). This loss could arise from any number of attack methods, including denial of service (DoS) attacks, whereby access to a firm's website is impaired; ransomware attacks, whereby an attacker prevents access to data and/or systems; and email attacks, whereby a firm's email system is compromised, enabling the attackers to submit fraudulent requests. ...
May 2022
FEDS Notes
