Is Cyber Security Systemic?

While the question, Is cyber risk systemic?, is simple in form, we believe that the details are highly nuanced. Can a single attack affect tens, hundreds, or even thousands of institutions at the same time? Is the event size inversely proportional to the likelihood that it will occur? Are certain industries more exposed to systemic risk than others?

These questions and more frame the research presented in this paper. The data may be useful for sizing up systemic cyber risk and preparing for systemic attacks, important topics for all companies living in the cyber security ecosystem. Moreover, for cyber insurers, answers to these questions are essential for proper modeling and management of accumulation risk.


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