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Cyber risk as systemic risk

Danielsson, Jon, Fouché, Morgane and Macrae, Robert (2016) Cyber risk as systemic risk. VoxEU.

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The threat to the financial system posed by cyber risk is often claimed to be systemic. This column argues against this, pointing out that almost all cyber risk is microprudential. For a cyber attack to lead to a systemic crisis, it would need to be timed impeccably to coincide with other non-cyber events that undermine confidence in the financial system and the authorities. The only actors with enough resources to affect such an event are large sovereign states, and they could likely create the required uncertainty through simpler, financial means.

Item Type: Article
Official URL:
Additional Information: © 2016 The Authors
Divisions: Finance
Systemic Risk Centre
Subjects: H Social Sciences > HC Economic History and Conditions
H Social Sciences > HD Industries. Land use. Labor > HD61 Risk Management
H Social Sciences > HG Finance
Q Science > QA Mathematics > QA76 Computer software
Date Deposited: 20 Sep 2016 15:01
Last Modified: 16 Oct 2021 23:11

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