The State-of-the-Field Conference of Cyber Risk to Financial Stability
The Fifth State-of-the-Field Conference on Cyber Risk to Financial Stability will take place on 12 April 2024 at the Federal Reserve Bank of New York.
The State-of-the-Field Conference on Cyber Risk to Financial Stability is a collaboration between the Federal Reserve Bank of New York and Columbia University's School of International and Public Affairs. More details on the 2024 conference will be released in the coming weeks.
REGISTER
The conference structure remains consistent year-over-year. It is comprised of three core sessions:
- What Are We Learning? This involves insights from researchers from academia, central banks, and industry around cyber risks to financial stability.
- What Are We Doing? This highlights some of the most important developments in both cyber risk management and oversight of financial stability risk with representatives from government and industry.
- What’s Next? A forward-looking assessment of risks across geopolitics, national security, and finance, as well as an evaluation of structural changes.
Agenda
8:45am–9:15am | Registration |
9:15am–9:30am | Opening Remarks |
9:30am–10:15am | The Past Five Years in Review Charles Carmakal, Chief Technology Officer, Mandiant |
10:15am–11:15am | Panel 1: What Are We Learning? Moderator: Michael Lee, Financial Research Economist, Federal Reserve Bank of New York Ivan Ivanov, Senior Economist, Federal Reserve Bank of Chicago City Hall Has Been Hacked! The Financial Costs of Lax Cybersecurity Anastasia Kartasheva, Institute of Insurance Economics, University of St. Gallen The Supply of Cyber Risk Insurance Alejandra Caro Rincon, Associate Director, Moody’s Analytics The Impact of Cyber Security Management Practices on the Likelihood of Cyber Events and its Effect on Financial Risk |
11:15am–11:30am | Break |
11:30am–12:15pm | Fireside Chat Kemba Walden, President, Paladin Global Institute; former interim National Cyber Director |
12:15pm–1:15pm | Lunch |
1:15pm–2:15pm |
Panel 2: What Are We Doing? Bridget Engle, Chief Information Officer and Global Head of Engineering, BNY Mellon |
2:15pm–2:30pm | Break |
2:30pm–3:30pm | Panel 3: What’s Next? Moderator: Jason Healey, Senior Research Scholar, Cyber Conflict Studies, SIPA Kevin Greenfield, Deputy Comptroller for Operational Risk Policy, Office of the Comptroller of the Currency David Homovich, Office of the CISO, Google Tim Cuddihy, Chief Risk Officer, Depository Trust & Clearing Corporation Tim Maurer, Senior Director for Cybersecurity Policy, Microsoft |
3:30pm–3:35pm | Closing Remarks |
Previous Conferences
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The Fourth State-of-the-Field Conference on Cyber Risk to Financial Stability will take place on 14 April 2023 at Columbia University's School of International and Public Affairs.
The State-of-the-Field Conference on Cyber Risk to Financial Stability is a collaboration between the Federal Reserve Bank of New York and Columbia University's School of International and Public Affairs. The 2023 conference will explore the impact of deglobalization on cyber risks and financial stability. The event will be held at Columbia University’s School of International and Public Affairs.
While every sector is facing some degree of deglobalization – due to the impacts of COVID, the ongoing US-China rift, and the cascading effects of Russia’s invasion of Ukraine – the intertwined sectors of finance and cyberspace will be deeply affected, now that the once-global Internet is partially splintering into separate networks and the pressure to decouple economic and financial systems is increasing.
Read a review of the key takeaways on Liberty Street Blog
8:30 – 9:00am
Registration
9:00 – 9:30am
Welcoming Remarks
Jason Healey, Senior Research Scholar, Columbia SIPA
Anna Kovner, Director, Financial Stability Policy Research, Federal Reserve Bank of New York
Neal Pollard, Partner, Ernst & Young
9:30 – 10:30am
Panel 1: What are we Learning?
Antonis Kotidis, Senior Economist, Federal Reserve Board
Cyberattacks and Financial Stability: Evidence from a Natural Experiment
Michael J. Lee, Financial Research Economist, Federal Reserve Bank of New York
When It Rains, It Pours: Cyber Risk and Financial Conditions
Joe Lyons, Senior Director, Signals & Ratings Research, BitSight
Cyber heat map: Risks are rising, but many sectors are boosting defensive capabilities
Neal Pollard, Partner, Ernst & Young
12th Annual EY-IIF Bank Risk Management Survey
Moderator: Anna Kovner, Director, Financial Stability Policy Research, Federal Reserve Bank of New York
10:30 – 10:45am
Break
10:45 – 11:45am
Panel 2: What are we Doing?
Todd Sullivan, Chief Risk Officer for Financial Services Sector, Analysis and Resilience Center
James Wiener, Vice Chairman, Oliver Wyman
Katheryn Rosen, Managing Director, Global Head, Regional Information Security and Supervisory Engagement, JPMorgan Chase & Co.
Moderator: Greg Rattray, Adjunct Senior Research Scholar Columbia SIPA; Co-Founder, Next Peak
11:45 – 12:30pm
Lunch
12:30 – 1:15pm
Fireside Chat (Hybrid)
Dmitri Alperovitch, Co-Founder and Chairman, Silverado Policy Accelerator
Harry Krejsa, Deputy Assistant National Cyber Director, Executive Office of the President
Moderator: Katheryn Rosen, Managing Director, Global Head, Regional Information Security and Supervisory Engagement, JPMorgan Chase & Co.
1:20 – 2:20pm
Panel 3: What’s Next?
Chris Giancarlo, Co-Founder, The Digital Dollar Foundation; former CFTC Chairman
Danny Brando, Cybersecurity Policy Program Director, Supervision Group, Federal Reserve Bank of New York
Steven Silberstein, CEO, Financial Services Information Sharing and Analysis Center
Naveen Zaidi, former Principal, U.S. Regulatory Strategy, AWS
Moderator: Jason Healey, Senior Research Scholar, Columbia SIPA
2:20 – 2:30pm
Closing Remarks
Anna Kovner, Director, Financial Stability Policy Research, Federal Reserve Bank of New York
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Conference Program and Agenda
The Third Annual State-of-the-Field Conference on Cyber Risk to Financial Stability facilitates robust discussion by convening experts across the financial and cybersecurity fields and government, academic, and private sectors. Moderated by members of Columbia University SIPA's CRFS Project and partners at the Federal Reserve Bank of New York, panels will draw on ongoing research, publications, and lessons learned from previous workshops to guide the conversations.
The conference will begin with a keynote by Eric Goldstein, Executive Assistant Director for Cybersecurity for the Cybersecurity and Infrastructure Security Agency. This will be followed by a panel discussion on “Geopolitical Cyber Risks to Financial Stability” which will consider the changing landscape ten years after Iran’s ‘Operation Ababil’. Day one will conclude with a fireside chat with Phil Venables, the Chief Information Security Officer for Google Cloud. Day two will focus on industry perspectives, commencing with a keynote by Tammy Hornsby-Fink, the Chief Information Security Officer for the Federal Reserve System. Followed by panel discussion on “What Are We Learning?” and “What Are We Doing?” when managing and mitigating cyber threats to financial stability.28 APRIL 2022
9:00 – 9:05am: Opening remarks by Patricia Mosser, Director, MPA Program in Economic Policy Management; Senior Research Scholar, Columbia University's School of International and Public Affairs
- Introduced by Anna Kovner, Director of Financial Stability Research, Federal Reserve Bank of New York
9:20 – 9:30am: Break
9:30 – 10:25am: Geopolitical Cyber Risks to Financial Stability panel to reflect ten years after Iran’s Operation Ababil, and the risks presented by current geopolitical events to financial stability. (Under Chatham House Rule)- Moderator: Jason Healey, Senior Research Scholar, Columbia University's School of International and Public Affairs
- Bill Woodcock, Executive Director, Packet Clearing House
- John Hultquist, Vice President, Intelligence Analysis, Mandiant
- Benjamin Flatgard, Executive Director, Cybersecurity, JPMorgan Chase & Co.
10:30 – 11:30am: Fireside Chat with Phil Venables, Chief Information Security Officer and Vice President, Google Cloud with Jason Healey, Senior Research Scholar, Columbia University's School of International and Public Affairs
29 APRIL 2022
9:00 – 9:05am: Opening remarks by Jason Healey, Senior Research Scholar in the Faculty of International and Public Affairs; Adjunct Professor of International and Public Affairs
9:05 – 9:30am: Fireside Chat by Tammy Hornsby-Fink, Executive Vice President and Chief Information Security Officer, Federal Reserve System with Patricia Mosser, Director, MPA Program in Economic Policy Management; Senior Research Scholar, Columbia University's School of International and Public Affairs (Under Chatham House Rule)
9:30 – 10:40am: What are we learning? panel to present views by those who have recently written on the issue of financial stability and cyber risk. (Under Chatham House Rule)
- Moderator: Anna Kovner, Director of Financial Stability Research, Federal Reserve Bank of New York
- Jonathan Welburn, Operations Researcher, RAND; Professor, Pardee RAND Graduate School
- Marco Macchiavelli, Principal Economist, Federal Reserve Bank
- Rustam Jamilov, Post-Doctoral Fellow, University of Oxford
10:40 – 10:50am: Break
10:50 – 11:50am: What are we doing? panel to address public sector and private sector efforts to identify risk and build resiliency. (Under Chatham House Rule)- Moderator: Stacey Schreft, Deputy Director for Research and Analysis, Office of Financial Research, U.S. Treasury
- Gianandrea Padovani, Cyber Strategy Lead at the Prudential Regulation Authority, Bank of England
- Todd Sullivan, Chief Risk Officer for Financial Services Sector, Analysis and Resilience Center for Systemic Risk
- Katheryn Rosen, Global Head, Tech & Cyber Regulatory Policy & Supervision and Head of Regional Information Security, JPMorgan Chase & Co.
11:50am: Closing Remarks by Anna Kovner, Director of Financial Stability Research, Federal Reserve Bank of New York
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Conference Program and Agenda
The Second Annual State-of-the-Field Conference on Cyber Risk to Financial Stability will generate a robust discussion led by experts across the financial and cybersecurity fields and government, academic, and private sectors. Members of the CRFS Project and partners at the Federal Reserve Bank of NY will serve as moderators of each panel. They will draw on CRFS’s research, publications, and lessons learned from previous workshops to guide the conversation.
The conference will begin with a fireside chat with Arthur Lindo, Deputy Director for Supervision at the Federal Reserve Board of Governors, moderated by SIPA’s Dean Merit Janow. Then, it will turn to initiatives underway in the industry to manage cyber risks, including panels on “What We’re Learning?”, “What We’re Doing?” and “What’s Next?” in managing and mitigating cyber threats to financial stability.
Read an event summary on Liberty Street Blog
9:00am – 10:00am: Conversation with Arthur Lindo, Deputy Director, Regulation and Supervision, Federal Reserve Board and Merit Janow, Dean, School of International and Public Affairs, Columbia University *This session is under the Chatham House rule
10:15am - 11:30am: What We're Learning? panel to present views by those who have recently written on the issue of financial stability and cyber risk.
- Moderator: Anna Kovner, Policy Leader for Financial Stability, Federal Reserve Bank of New York
- Leonardo Gambacorta, Head, Innovation and the Digital Economy Monetary and Economic Department, Bank for International Settlements
- Michael Junho Lee, Economist, Money and Payments Studies Function Research and Statistics Group Federal Reserve Bank of New York
- Leroy Terrelonge III, AVP, Cyber Risk Analyst, Moody's Investors Service
- Jonathan Welburn, Operations Researcher, Professor RAND Graduate School
9:00am - 9:15am: Introduction by Jason Witty, Head of Cybersecurity & Technology Controls, CISO, JPMorgan Chase *This session is under the Chatham House rule
9:15am - 10:15am: What We're Doing? panel to address public sector and private sector efforts to identify risk and build resiliency.
- Moderator: Patricia Mosser, Director, MPA Program in Economic Policy Management; Senior Research Scholar, School of International and Public Affairs
- Arthur Nelson, Research Analyst Cyber Policy Initiative, Carnegie Endowment for International Peace
- Greg Rattray, Senior Fellow, Adjunct Senior Research Scholar of International and Public Affairs
- Yeow Seng Tan, Executive Director, Technology Risk, and Payments Department and Chief Cyber Security Officer, Monetary Authority of Singapore
10:30am - 11:30am: What's Next? to discuss higher-level prescriptions (operational, technological, and policy) to address cyber risk to financial stability.
- Moderator: Jason Healey, Senior Research Scholar, School of International and Public Affairs
- Jeremy Brotherton, National Incident Response Team, Federal Reserve Bank of NY
- Alexandra Friedman, Deputy Director, Office of Cybersecurity and Critical Infrastructure Protection, U.S. Department of the Treasury
- Barry Pavel, Senior Vice President and Director, Scowcroft Center for Strategy and Security, Atlantic Council
Referenced Research
- Leonardo Gambacorta: The drivers of cyber risk. and Operational and cyber risks in the financial sector.
- Michael Junho Lee: Cyber Risk and the U.S. Financial System: A Pre-Mortem Analysis
- Johnathan Welburn: Systemic Risk in the Broad Economy, Systemic Cyber Risk and Aggregate Impacts, and more Research
- Arthur Nelson: International Strategy to Better Protect the Financial System Against Cyber Threats
- International Monetary Fund: Cyber Risk and Financial Stability: It’s a Small World After All and Cyber Risk Surveillance: A Case Study of Singapore
- Atlantic Council: Dynamic Stability: US Strategy for a World in Transition, Beyond Data Breaches: Global Interconnections of Cyber Risk, Shaping the Post-COVID World Together, and Breaking Trust: Shades of Crisis Across an Insecure Software Supply Chain
Organizers
In partnership with:
SIPA Cyber
In partnership with:
Initiative on Central Banking and Financial Policy
In partnership with:
Federal Reserve Bank of New York