Cybersecurity and Financial Stability

The rate and intensity of cyber attacks on financial institutions has increased in recent years, but the risk that these attacks pose to our financial stability remains understudied in the financial industry and among regulators and policymakers. What would it look like if malicious actors took direct aim at the systemic stability of U.S. financial institutions? On October 11, Susan Hennessey spoke to three senior research scholars from Columbia’s School of International and Public Affairs who are taking early steps to find the answer: Katheryn Rosen, former deputy assistant treasury secretary for financial institution policy; Jason Healey, former White House cyber adviser on the Bush administration; and financial-stability expert and former Federal Reserve official Patricia Mosser. They talked about how to understand financial stability, the unique risks that cyber threats pose to it, and what gaps remain in how to mitigate those risks.

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