La valutazione del rischio cibernetico negli intermediari finanziari: approcci quantitativi, implicazioni sistemiche e convergenza regolamentare

This paper investigates cyber risk in financial intermediaries, highlighting its growing systemic relevance in an increasingly digitalized financial system. A clear distinction between ICT risk and cyber risk is provided, emphasizing their different implications for governance, risk measurement, and financial stability. The study analyzes the evolution of the European regulatory framework, focusing on the convergence introduced by NIS2 and the Digital Operational Resilience Act (DORA), which marks a shift from compliance-based regulation to a resilience-oriented approach. Within this framework, the paper discusses the role of cyber risk quantification as a key tool supporting governance and strategic decision-making. A loss-based quantitative model is then applied to the Italian insurance market to assess the impact of cyber risk on capital requirements and the pricing of a hypothetical risk transfer mechanism.