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Working Paper
Cyberattacks and Financial Stability: Evidence from a Natural Experiment
This paper studies the effects of a unique multi-day cyberattack on a technology service provider (TSP). Using several confidential daily datasets, we identify and quantify first- and second-round effects of the event. For banks using relevant services of the TSP, the attack impaired their ability to send payments over Fedwire, even though the Federal Reserve extended the time they had to submit payments. This impairment (first-round effect) caused other banks to receive fewer payments (second-round effect), leaving them at risk of having too few reserves to send their own payments (a ...
Speech
Transcript of fireside chat at York College in Queens, New York: March 24, 2017
Transcript of Fireside Chat at York College in Queens, New York: March 24, 2017