Governor Lisa D. Cook of the Federal Reserve Board highlighted cyber attack research from the University of Maryland's Center for International and Security Studies at Maryland (CISSM) and Center for Governance of Technology and Systems (GoTech) in her speech on January 6, 2025, on financial stability and economic outlook in the United States.
Speaking at the University of Michigan Law School, Governor Cook referenced data from CISSM and GoTech's Cyber Events Database to illustrate the growing frequency and impact of cyberattacks on financial institutions. The database, created by GoTech Director Charles Harry and CISSM Director Nancy Gallagher, revealed that cyberattacks on financial institutions and insurers had increased dramatically - more than doubling between 2014-2015 and 2020 and then doubling again from 2020 through 2022-2023.
Cook used this research to emphasize how cyber vulnerabilities can affect financial stability even when financial institutions aren't directly targeted. She noted that cyberattacks on non-financial targets can still "impose business disruptions and losses on the financial system."
The citation of this research in such a significant policy speech underscores the importance of CISSM and GoTech's work in understanding cybersecurity threats to critical infrastructure and financial institutions. The Cyber Events Database has become a valuable resource for policymakers and regulators in assessing systemic risks to the financial sector.
The Governor's speech, which outlined the Federal Reserve's perspective on financial stability risks and monetary policy, was delivered at the Seventh Conference on Law and Macroeconomics at the University of Michigan Law School.
