1/12/2024 0 Comments Orx risk taxonomy![]() This paper provides a framework for assessing cyber risk for financial institutions complemented by a qualitative and quantitative overview. Failure to comply with the reporting requirements could lead to fines up to EUR 20 Mn or 4 percent of global annual turnover (whichever is higher). In the European Union, the General Data Protection Regulation (GDPR), which will enter into force in May 2018, requires firms to report breaches to the competent supervisory authority within 72 hours. However, there is scope to provide a framework to report cyber-attacks, which could better address existing data gaps.įor example, among around 4,000 annual reports for U.S firms (‘form 10-K’) published in 2017, only 7 percent included a reference to cyber-risk, mainly in the finance and services sectors ( Figure 2). In the U.S., the SEC released in 2011 guidance on disclosure of cyber risk for listed firms ( SEC (2011)), which was revised in 2018 to provide additional details on how and when firms should disclose the information to investors ( SEC (2018)). 2 Moreover, international sharing of data reported to domestic regulators also has to take into account - beyond the typical privacy and other constraints- that there might be national security considerations in sharing and reporting of data. Financial Authorities, pointing to a material under reporting of successful cyber-attacks in the financial sector ( Butler (2017)). only 49 cyber-attacks were reported in 2017 to U.K. 1 Data on cyber risk is notoriously scarce, since there is no common standard to record them, and firms have no incentives to report them. Data on cyber incidents is scarce and there have been very few quantitative analyses of cyber risk.
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