23 avril 2025 (10H À L'ENSAE)

Alexander Voss  (Institute of Actuarial and Financial Mathematics & House of Insurance, Leibniz Universität Hannover)

Titre:  Decision-Making Frameworks for Cyber Resilience of Financial Networks

Abstract:  This talk introduces decision-making frameworks for evaluating systemic cyber risks and the effectiveness of risk mitigation strategies in hypothetical cyber incident scenarios. These frameworks are based on three fundamental components: (1) a set of acceptable network configurations, (2) a set of interventions aimed at risk mitigation, and (3) a cost function that quantifies the trade-offs associated with these interventions. The analysis utilizes a unique dataset on outsourcing activities by German funds to investigate two key cyber scenarios: a widespread cyber-attack and the disruption of a third-party provider. The results contribute to the ongoing discussion on effective micro- and macroprudential cyber risk mitigation strategies and the development of meaningful criteria for network acceptability.