The Economics of Cyber Risk
Costs, Resilience, and Regulatory Frameworks
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Beschreibung
Cyber incidents impose measurable economic and financial costs through operational disruption, litigation, valuation effects, and systemic spillovers. Understanding these costs requires that someone at the institution can connect technical vulnerabilities to market behavior and institutional responses. This volume provides guidance on cyber risk and financial stability, examining such costs from a markets‑and‑institutions perspective and linking incident outcomes to firm value, insurability, and policy.
Contributed chapters explore market reactions to data breaches and class actions, risk quantification and mitigation (models, firm practices, and insurance), and sectoral cases in banking, construction, and power generation. Chapter authors synthesize frameworks and tools across BCBS operational risk and resilience principles, FSB incident response/lexicon, IMF macro‑financial guidance, OECD digital security, and EU instruments (DORA, NIS2, EU‑SCICF), alongside NIST CSF and FFIEC materials. The volume explores how policy and institutional design translate into incentives, incident reporting, resilience, and information sharing.
Providing empirical evidence, financial‑econometrics methods (abnormal returns/event studies), policy mapping, and risk‑transfer analyses for cyber insurance, the book helps readers evaluate costs at the firm and system levels, interpret regulatory signals for financial institutions, and design governance and investment responses. It serves academics in finance/economics, policymakers, and practitioners seeking structured guidance on cyber risk and financial stability.
Thomas Walker is Professor of Finance and Tier 1 Concordia University Research Chair in Emerging Risk Management; Director of the Jacques Ménard/BMO Center for Capital Markets and the Emerging Risks Information Centre (ERIC) at Concordia University.
Marcus Glenn Walker is Partner and Co‑CEO of Dragon Data Solutions (Germany).
Victoria Kelly is a research associate at Concordia University.
Rajesh Kumar Tharumar is a research associate for the Emerging Risks Information Centre (ERIC) of John Molson School of Business at Concordia University.
Cyber incidents impose measurable economic and financial costs through operational disruption, litigation, valuation effects, and systemic spillovers. Understanding these costs requires that someone at the institution can connect technical vulnerabilities to market behavior and institutional responses. This volume provides guidance on cyber risk and financial stability, examining such costs from a markets‑and‑institutions perspective and linking incident outcomes to firm value, insurability, and policy.
Contributed chapters explore market reactions to data breaches and class actions, risk quantification and mitigation (models, firm practices, and insurance), and sectoral cases in banking, construction, and power generation. Chapter authors synthesize frameworks and tools across BCBS operational risk and resilience principles, FSB incident response/lexicon, IMF macro‑financial guidance, OECD digital security, and EU instruments (DORA, NIS2, EU‑SCICF), alongside NIST CSF and FFIEC materials. The volume explores how policy and institutional design translate into incentives, incident reporting, resilience, and information sharing.
Providing empirical evidence, financial‑econometrics methods (abnormal returns/event studies), policy mapping, and risk‑transfer analyses for cyber insurance, the book helps readers evaluate costs at the firm and system levels, interpret regulatory signals for financial institutions, and design governance and investment responses. It serves academics in finance/economics, policymakers, and practitioners seeking structured guidance on cyber risk and financial stability.
Provides guidance for measuring the economic impact of cyber insurance, including its risks and coverage limits Assesses systemic risk and spillovers to financial markets using input–output modeling and contagion frameworks Highlights best practices from OECD’s Digital Security Framework, WB's Cybersecurity Trust Fund, and other initiatives
Autor*in
Thomas Walker
Themen in »The Economics of Cyber Risk«
Economic cost of cybersecurity threats Data breaches and lawsuits Cumulative abnormal returns cyber incidents CAR cyber incidents Cyber insurance market and coverage limits NIST Cybersecurity Framework NIST CSF Basel III operational risk and cyber resilience Financial Stability Board FSB cyber toolkit IMF cyber risk and macrofinancial stability OECD digital security policy framework EU systemic cyber incident coordination EU SCICF DORA and NIS2 directives for financial sector