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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
Discussion Paper
Quantifying Cyber Risk in the Financial Services Industry
The Consumer Finance Institute hosted a workshop in February 2017 featuring James Fox, partner and principal at PricewaterhouseCoopers (PwC) and a leading authority on cybersecurity in the financial services industry. He discussed the importance of measuring cyber risk, highlighted some challenges that financial institutions face in measuring cyber risk, and assessed several leading cyber-risk management methodologies. Fox also provided some recommendations for bank exams and insights into how federal agencies might begin to quantify systemic cyber risk. This paper summarizes Fox?s ...
Working Paper
Cyberattacks and Financial Stability: Evidence from a Natural Experiment
This paper studies the effects of a unique multi-day cyberattack on a technology service provider (TSP). Using several confidential daily datasets, we identify and quantify first- and second-round effects of the event. For banks using relevant services of the TSP, the attack impaired their ability to send payments over Fedwire, even though the Federal Reserve extended the time they had to submit payments. This impairment (first-round effect) caused other banks to receive fewer payments (second-round effect), leaving them at risk of having too few reserves to send their own payments (a ...
Speech
Operating global, acting local
Remarks at Institute of International Bankers Seminar on Risk Management and Regulatory/Examinations Compliance Issues, New York City.
Speech
Perspectives on Cybersecurity, the Financial System, and the Federal Reserve; 04.04.19 Ohio Bankers Day, Ohio Division of Financial Institutions, Columbus, OH
I thank the Ohio Division of Financial Institutions for inviting me to be a part of the 2019 Ohio Bankers Day. Bankers have a unique perspective from which to gather information on the health of the economy. I appreciate the insights I gain from speaking with bankers throughout the Cleveland Fed?s District, including those who serve on our Board of Directors and our Community Depository Institutions Advisory Council, and I am looking forward to hearing your questions and comments after my prepared remarks.
Speech
Toward a new paradigm for resiliency and security: remarks at SIFMA's 43rd Annual Operations Conference, Miami Beach, Florida, May 2016
Remarks at SIFMA's 43rd Annual Operations Conference, Miami Beach, Florida.
Speech
Remarks to the Assembly of Governors of the Association of African Central Banks, South African Reserve Bank, Pretoria, South Africa
Remarks to the Assembly of Governors of the Association of African Central Banks, South African Reserve Bank, Pretoria, South Africa.
Speech
Remarks at the University of International Business and Economics, Beijing, China
Remarks at the University of International Business and Economics, Beijing, China.
Bankers Name Tightening Margins, Cybersecurity as Top Challenges
Tightening margins and technology concerns top the list of challenges for community bankers, according to the 2023 CSBS Annual Survey of Community Banks.
Speech
Introductory remarks at the Community Bankers Conference, Federal Reserve Bank of New York, New York City
Remarks at the Community Bankers Conference, Federal Reserve Bank of New York, New York City.