Transmission of Cyber Risk Through the Canadian Wholesale Payment System Staff working paper 2022-23 Anneke Kosse, Zhentong Lu This paper studies how the impact of a cyber attack that paralyzes one or multiple banks' ability to send payments would transmit to other banks through the Canadian wholesale payment system. Based on historical payment data, we simulate a wide range of scenarios and evaluate the total payment disruption in the system. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C4, C49, E, E4, E42, E47, G, G2, G21 Research Theme(s): Financial system, Financial stability and systemic risk, Money and payments, Payment and financial market infrastructures