If you’re in cyber risk management for a financial institution, here’s an opportunity to hear the latest thinking from regulators at the Fed, and from FAIR Institute Chairman and FAIR model creator Jack Jones – The Federal Reserve Bank of Richmond hosts an all-day Cyber Risk Workshop in Charlotte on Nov. 20 (see the details here).
“The purpose of the workshop is to foster a better understanding of cyber risk and to support efforts to harmonize the identification and measurement of cyber risk,” says the event announcement. Panelists, including Jack, will discuss a new whitepaper from the Richmond Fed, “Cyber Risk Definition and Classification for Financial Risk Management” that frames up the issue this way:
“The measurement and analysis of cyber risk in the financial sector has not matured to the point where it can be consistently measured and managed against corporate risk appetites and viewed from a system perspective by regulators and supervisors.”
The whitepaper proposes a cyber risk definition and classification framework that would provide a common language for financial institutions – and specifically mentions that one of the benefits would be to “support the application of modeling frameworks such as Factor Analysis of Information Risk (FAIR) to quantify and measure risk in the financial sector.”
Learn about measuring and managing information risk in the banking and finance sector – and the emerging role of FAIR quantitative risk analysis – at the Richmond Federal Reserve workshop on Nov. 20.