The US Federal Reserve has launched a project to find a common way of classifying and modelling cyber risk, amid continued fears over banks’ collective readiness to meet the existential threat it poses to the financial system.
The initiative, which was showcased by representatives from the Fed board at a workshop hosted by the Federal Reserve Bank of Richmond on March 28, seeks to synthesise ideas from risk managers, academics and policy-makers, before disseminating them to the broader market.
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