Dennis Yanchus is a Senior Analyst in the Financial Stability Department on the Resolution & Crisis Preparedness team. Before joining the Bank, Dennis held senior economist roles at the Ontario Securities Commission and the Investment Funds Institute of Canada. Dennis holds a MA in economics from the University of Western Ontario.
The Canadian financial system is vulnerable to cyber threats. But for many firms, cyber risk is difficult to quantify. We examine public information on past cyber incidents to better understand the current risk landscape and find that a holistic view is needed to fully grasp the nature of this risk.
We offer relevant authorities a three-step assessment framework they can use to understand, identify and quantify the risks associated with stablecoin and other cryptocurrency arrangements.
