Modelling Cyber Risks
Cyber risk is perceived as one of the top risks by the business community. It is consistently among the top 5 risks according to the World Economic Forum from 2017 to 2019. According to Risk.net, cyber risk is the number one operational risk.
Our research aims to model this risk for financial institutions in order to assess its cost. The approach is collaborative in order to reduce the subjectivity of the modeling.
This research is based on a specific set of models based on the XOI approach (The Cyber Risk Wheel, see below) and and has been awarded the best industry initiative by risk.net in 2020.
It has also contributed to the Cyber risk workshop held by the Federal Reserve of Richmond in November 2019.