About this Conference

The Federal Reserve Board of Governors, the Federal Reserve Bank of Richmond, and the Massachusetts Institute of Technology Internet Policy Research Initiative are convening experts from industry, government, and academia for their second conference on efforts to measure and track cyber risk across the financial system. A common theme in the inaugural 2022 conference was that financial markets, financial services firms, researchers, and policymakers cannot manage risks that they cannot measure, and cyber risk remains difficult to quantify, despite the money spent to secure information networks. Data on cyberattacks, security failures, and losses are needed to effectively quantify and mitigate cyber risk. Today, however, these data are lacking, and without them, financial institutions and the financial system are left more vulnerable. The 2022 conference closed with a call for a collaborative effort to develop a common set of metrics and reporting format to enable senior managers and boards of directors to assess and manage their organizations’ cyber risk.

The January 2024 conference will build on the inaugural meeting and review progress made. Distinguished keynote speakers and panelists will review advances made in developing a comprehensive set of cyber metrics and discuss the challenges that remain in today’s rapidly evolving threat landscape. Topics include risk metrics and predictive statistics, threat analysis and scenario development, the relationship of these methods to operational resilience and financial stability, and challenges for the future.