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Tamas Gaidosch, Frank Adelmann, Anastasiia Morozova, and Christopher Wilson

, clearing, or settlement systems or theft of confidential information can result in widespread spillovers and threaten financial stability. Cybersecurity risk has unique characteristics. A distinguishing characteristic of sophisticated cyber attacks is the often-experienced persistent nature of a campaign conducted by motivated threat actors (also called advanced persistent threats). In this scenario, hackers can apply themselves to a target over a long period of time, often lurking inside a target’s system for months, learning the system’s features and defenses before