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Journal Article
Cyberattacks and the Digital Dilemma
Recent high-profile hacks have renewed calls for improved security, but competing incentives pose a challenge
Report
Pirates without Borders: The Propagation of Cyberattacks through Firms’ Supply Chains
We document the supply chain effects of the most damaging cyberattack in history. The disruptions propagated from the directly hit firms to their customers, causing a four-fold amplification of the initial drop in profits. These losses were larger for affected customers with fewer alternative suppliers. Internal liquidity buffers and increased borrowing, mainly through bank credit lines, helped firms navigate the shock. The cyberattack also led to persisting adjustments to the supply chain network, with affected customers more likely to create new relationships with alternative suppliers and ...
Speech
Remarks at the 40th Annual Central Banking Seminar, Federal Reserve Bank of New York, New York City
Remarks at the 40th Annual Central Banking Seminar, Federal Reserve Bank of New York, New York City.
Newsletter
The Growth and Challenges of Cyber Insurance
Cyberattacks have grown in frequency and cost over the past decade, with high-profile cases, such as the 2013 Target data breach, the 2017 Equifax data breach, and the leak of Democratic National Committee emails during the 2016 election making national headlines. Ransomware attacks, intellectual property theft, and fraud cost companies billions in recovery expenses, fines, and lost revenues every year. More firms are purchasing cyber insurance as a way to cover losses and expenses resulting from cyber incidents.
Discussion Paper
Cyberattacks and Supply Chain Disruptions
Cybercrime is one of the most pressing concerns for firms. Hackers perpetrate frequent but isolated ransomware attacks mostly for financial gains, while state-actors use more sophisticated techniques to obtain strategic information such as intellectual property and, in more extreme cases, to disrupt the operations of critical organizations. Thus, they can damage firms’ productive capacity, thereby potentially affecting their customers and suppliers. In this post, which is based on a related Staff Report, we study a particularly severe cyberattack that inadvertently spread beyond its ...
Speech
The importance of addressing cybersecurity risks in the financial sector
Remarks at the OpRisk North America Annual Conference, New York City.