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Working Paper
Cyber Vulnerabilities at Large US Financial Institutions and Their Third-Party Service Providers
This paper examines cyber vulnerabilities across the 100 largest US banks, non-bank financial institutions (NBFIs), and their third-party service providers. Our analysis, based on a proprietary cyber risk analytics model, shows NBFIs exhibit greater cyber vulnerabilities than banks, though banks face larger relative losses from routine incidents. We identify third-party service providers as a hidden cyber fault line in the financial system, often having greater vulnerabilities than the institutions they serve and creating systemic risks. Scenario analyses of catastrophic cyber events ...