Banks and Fed still stuck on cyber loss data sharing

OpRisk North America: Fed “trying to understand the best way to leverage cyber data”, says Curti

Financial institutions and regulators are still struggling to quantify the impact of cyber events on financial losses because of a two-decade-old problem: namely, cyber doesn’t fit neatly into one of the core operational risk categories set down by the Basel Committee on Banking Supervision.

“A cyber attack is technically considered an external fraud event and that’s how Basel treats it, but there are a lot of questions about quantification. How do you reckon [with] the cyber impact in a much