Federal Reserve effort looks to help major banks 'quantify' cyber risk

The Federal Reserve's Bank of Richmond recently held a workshop aimed at developing ways to “quantify” cybersecurity risk faced by large financial institutions, a process that a banking industry source said could begin with development of a “common lexicon” for the sector on risk and cyber.

“We need collaboration between the risk management and the cyber sides,” said a banking sector source who participated in the March 28 event in Richmond, VA. “There is a lack of quantification for cyber...