Rex Wang Renjie receives an NWO Open Competition SSH XS grant on banks' cyber risk exposure
Research fellow Rex Wang Renjie, affiliated with the School of Business and Economics at Vrije Universiteit Amsterdam, has been awarded an Open Competition SSH XS grant by the Dutch Research Council (NWO) in the first round of 2025.
His project, titled 'Measuring Banks' Exposure to Cybersecurity Risks' aims to develop a real-time measure of banks' cyber risk exposure using stock market data and machine learning.
Project
As cyber threats to financial institutions grow, this project aims to develop a real-time measure of banks' cyber risk exposure using stock market data and machine learning. Unlike existing backward-looking methods, this approach offers a forward-looking assessment, helping regulators and financial institutions manage risks effectively. The research will construct a cyber risk index based on stock market reactions, analyze its impact on banks' valuations, and estimate the additional capital needed to withstand severe cyber incidents. The findings will provide a valuable tool for financial stability and cybersecurity risk management in an increasingly digital economy.
View all granted projects 2025 Round 1 on the website of the Dutch Research Council (NWO).
NWO Open Competition SSH
Launched in 2022, the NWO Open Competition SSH Call offers three types of grants to support research in the social sciences and humanities. The XS grant specifically encourages curiosity-driven, bold ideas through short-term projects (maximum 12 months). These high-risk, high-gain initiatives must be ground-breaking and contribute meaningfully to the advancement of science.
Awarded TI projects
Two research fellows affiliated to Tinbergen Institute have received an Open Competition SSH XS grant during this round: Bastian Ravesteijn (Erasmus University Rotterdam), and Rex Wang Renjie (Vrije Universiteit Amsterdam).