Banking
Cyber Risk Workshop
Scope
The Federal Reserve Bank of Richmond, in collaboration with the Board of Governors and the Federal Reserve Bank of New York, organized a cyber-risk workshop on November 20, 2019, at its Charlotte, North Carolina branch. The main goal of the workshop was to provide an open forum for discussion of the “Cyber Risk Definition and Classification for Financial Risk Management” whitepaper made public in August 2019. The workshop involved over 65 attendees from the banking industry, academia and U.S. regulatory agencies. Workshop resources can be found in the agenda and presentations.
The whitepaper aims to define and classify cyber risk for the purpose of financial risk management. The paper outlines cyber risk related definitions, a detailed classification scheme and proposed data collection schedules.
The main objective of our effort is to facilitate information sharing related to cyber risk and subsequently enhance collective knowledge of cyber risk management. Our effort also includes a data collection aspect, and we plan to finalize the scope and mandate of this data collection in the near future.
The “Cyber Risk Definition and Classification for Financial Risk Management” whitepaper has been updated as of July 14, 2020.
For comments, please email RICH SRC Cyber. Thank you!
To encourage frank and open exchange, the conference will be conducted under the Chatham House Rule. All attendees are welcome to use the information from the conference, but they should not attribute specific statements to individuals or institutions.
