Cyber Risk and its Impact on Financial Stability


Thursday 1st December


Session 3 of the Suptech Broadcast focused on one of the most important areas associated with technological innovation- cyber risk and its impact on financial stability.

Guests Patrica C Mosser (School of International Public Affairs, Columbia University) and Jason Healey  (School of International Public Affairs, Columbia University and National Management Centre, US Cybersecurity and Infrastructure Security Agency) joined FNA to provide insights into the various types of cyber risks as we discussed the new responsibilities mitigating cyber risks creates and how it is shaping the future direction of Suptech.

The session covered:

  • The vulnerabilities that may lead to a systemic crisis
  • The amplifiers and dampeners of cyber risk
  • Key technological advantages and financial innovations in realigning activity regarding Financial stability analysis
  • The considerations policymakers should make when it comes to designing and piloting a CBDC
  • How central bankers and supervisors make the financial system more cyber resilient


Watch now:



Key Links and Resources:

Session #3 Slides Access here> 

The Ties That Bind: A Framework to Assess the Linkage Between Cyber Risks and Financial Stability Read here >

State-of-the-Field Conference on Cyber Risk to Financial Stability Read here >

BIS Working Paper: Operational and Cyber Risk in the Financial Sector Read here >

Cyber Risk and Financial Stability- An Atlas for Macroprudential Analysis Read here > 

The Future of Financial Stability and Cyber Risk Read here >

The Great Economic Rivalry: China vs the US Read here >

Security Considerations for a Central Bank Digital Currency Read here> 

Security of a CBDC Read here > 


Session #3 Guests




Patricia C Mosser

Director of the MPA Program in Economic Policy Management, School of International and Public Affairs, Columbia University

Patricia C. Mosser is Director of the MPA Program in Economic Policy Management at Columbia University’s School of International and Public Affairs and leads the school’s Initiative on Central Banking and Financial Policy. Previously, she was head of Research and Analysis at the U.S. Treasury’s Office of Financial Research.

Ms. Mosser spent over 20 years at the New York Fed where she was senior manager at the open market desk overseeing market analysis, monetary policy implementation, foreign exchange and investment operations, and financial stability analysis. In 2009, she was SOMA manager for the FOMC.  She previously served as an economist and manager in the New York Fed’s Research Department and as an assistant professor in Columbia’s Economics Department.

Ms. Mosser has written on financial stability and reform, crisis policy tools, cyber risks to financial stability, and the monetary transmission mechanism. She was previously a member of the FSOC Deputies Committee and a board member of the AEA’s Committee on the Status of Women in the Economics Profession. Currently, she serves as an outside director of Nomura Holdings Incorporated. She received a BA from Wellesley College, an MSc with distinction from the LSE, and a PhD from MIT.

Jason Healey 

Senior Research Scholar at the School for International and Public Affairs, Columbia University

Strategist, National Management Centre, US Cybersecurity and Infrastructure Security Agency

Jason Healey is a Senior Research Scholar at Columbia University’s School for International and Public Affairs specializing in cyber risk and conflict and a part-time senior strategist at the National Risk Management Center at the US Cybersecurity and Infrastructure Security Agency.  Prior to this, he was the founding director of the Cyber Statecraft Initiative of the Atlantic Council where he created the global “Cyber 9/12” student cyber-policy competition. He is the editor of the first history of conflict in cyberspace, A Fierce Domain: Cyber Conflict, 1986 to 2012 and helped stand up both the Office of the National Cyber Director at the White House (2022) and the world’s first cyber command (1998). A frequent keynote speaker on these issues, he is rated as a “top-rated” speaker for the RSA Conference and won the inaugural “Best of Briefing Award” at Black Hat. 

Jason has been a founding member of the Office of the National Cyber Director at the White House (2022) as well as the first cyber command in the world, the Joint Task Force for Computer Network Defense in 1998, where he was one of the early pioneers of cyber threat intelligence.  During an earlier job in the White House, he was a director for cyber policy, coordinating efforts to secure US cyberspace and critical infrastructure. He created Goldman Sachs’ first cyber incident response capability and later oversaw the bank’s crisis management and business continuity in Asia. He served as the vice chair of the Financial Services Information Sharing and Analysis Center (FS-ISAC). He is on the review board of the DEF CON and Black Hat hacker conferences, served on the Defense Science Board task force on cyber deterrence, and is past president and founding board member of the Cyber Conflict Studies Association. He started his career as a US Air Force intelligence officer with jobs at the Pentagon and National Security Agency.



Missed our Previous Sessions?

The Suptech Broadcast:  1st December

Cyber Risk and its impact on Financial Stability

With: Patricia C Mosser (Columbia University) and Jason Healey ( US Cybersecurity and Infrastructure Security Agency)

Watch Now > 


The Suptech Broadcast: 3rd November

The Evolution of payments data analytics and alternative data for supervisory purposes

With: Perttu Korhonen (Qatar Financial Centre Regulatory Authority) and Clara Machado (Banco de la República)

Watch Now >


The Suptech Broadcast: 28th September 2022

The Suptech Landscape: Key Trends & End-to-End Solutions

With: Joanne Horgan (Regnology)  and Dr Simone di Castri (Cambridge Suptech Lab)

Watch Now >



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