1. Characterisation of cyber-incidents; 2. Need for convergence in incident reporting schemes; 3. Optimising information sharing; 4. Need for benchmark statistics on cyber-trends; 5. Complementary policies to reinforce prevention; 6. Complementary policies to strengthen responses in case of...

We model how a cyber attack may be amplified through the U.S. financial system, focusing on the wholesale payments network. We estimate that the impairment of any of the five most active U.S. banks will result in significant spillovers to other banks, with 38 percent of the network affected on...