Official says Federal Reserve is building off 'lexicon' as it crafts cyber metrics

A Federal Reserve official says the “cyber lexicon” released last fall by U.S. and international regulators provides a foundation for developing ways to measure cyber risk in the financial sector, as banking industry sources in the U.S. say they are increasingly applying risk-management tools from their operational side to cybersecurity.

“The Federal Reserve Bank of Richmond, in collaboration with the Federal Reserve Bank of New York and the Board of Governors, launched an initiative to harmonize cyber risk identification and...