Editor’s Note: In a thoughtful and thought provoking speech, Sarah Bloom Raskin, a Member of the Federal Reserve’s Board of Governors, discussed the reputation of financial institutions and federal regulation. The text of the speech, “Reflections on Reputation and its Consequences,” is available here. Below are brief excerpts.
Given these particular reputational dimensions associated with financial institutions, might financial regulators have an interest in considering reputational harms analytically?
But even beyond the potential theft of data and disruption of service, cyberattacks can represent significant reputational risk because they have the potential to create dissatisfaction among many customers or, even more chilling, total loss of consumer confidence.
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