Hacking Earthquake?
“I dream of a kind of Richter scale for cybersecurity,” Kessler said at a conference on cybersecurity held at the Bank of France, referring to the scale used to measure earthquakes. “It would be very helpful to have measurement and modelling tools. Unless we can model, it’s very difficult for us to provide coverage. We have scenarios but not modelling tools.”
To try and prepare for potential attacks, the Group of Seven – currently presided by France – will simulate a cross-border crisis next month. Bank of France Governor Francois Villeroy said the cybersecurity threats are a “major and systemic risk” to the financial sector as attacks are more frequent and public action on cyber attacks in the sector is “sub-optimal.” He said the crisis-simulations should be repeated to enhance the resilience of the financial system.
Still, “the demand for cyber risk coverage well exceeds the supply and this is an issue,” Kessler said, calling for a “re-balance” of the situation. The lack of aggregated data monitoring incidents is partly responsible for the shortage of coverage, he said.
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