Cyber Risk Measurement
Joint work of MIT, the Federal Reserve Bank of Richmond, and the Federal Reserve Board
MIT, the Federal Reserve Bank of Richmond, and the Federal Reserve Board are sponsoring a multi-part series dedicated to exploring the relationship between cyber incidents, measurable associated losses, and cyber risk modeling. Our research aims to identify common approaches to data collection, relevant definitions, and risk measurements, along with computational techniques that enable necessary data insights while preserving sensitive, proprietary information. Additionally, we seek to highlight key themes in the cyber risk realm by bringing together a broader set of leaders from industry, academia, the Federal Reserve and other supervisory agencies.
As part of this effort, MIT and partners from academia and industry will be forming an expert working group to build an analytical framework for measuring cyber risk within the financial service industry and identifying indicators to support the measurement. This will provide a new foundation for measuring cyber risk in the industry and allow organizations to benchmark themselves privately against industry averages.
Events and Publications
Event:
Sept. 7 – 8, 2022
Event:
March 1 – 2, 2022
Event:
Written by Filippo Curti, Jeffrey Gerlach, Sophia Kazinnik, Michael Lee and Atanas Mihovā