Eisenbach, Thomas M.; Kovner, Anna; Lee, Michael Junho - 2022
We analyze how systemic cyber risk in the wholesale payments network relates to adverse financial conditions. We show … liquidity stress. Cyber vulnerability was elevated in late February and early March 2020, with the potential impact of a … cyberattack about 40 percent greater than in the remainder of 2020. Policy interventions to stabilize markets mitigated cyber …