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In 2016 I was fortunate to have been recruited by the Grupo Santander CRO Jose Maria Nus and Jose (Pepe) Corral the deputy CRO, to build and develop a dedicated global 2nd Line for cyber risk. At a time when it was felt that cyber risk should sit within operational risk, they had the forethought that the systemic, important nature of cyber meant that it should be a dedicated risk category. Sitting along side traditional credit, market and operational risk. They both predicted right that cyber would be one of the biggest non financial risks.
Managing credit risk is what banks are good at and what FS regulators know. Cyber is a risk organisations find difficult to manage and oversight across 1st and 2nd lines of defence. A risk that is being regulated inside and out of FS and one that regulators are paying closer attention to through SREP to confirm capital adequacy.
The level of cyber regulation that is in the pipeline increases the affect of cyber risk on FS firms. The SEC, EU Parliament and Executive Office of the U.S President are passing legislation and strategies that focus on cyber risk management. Pushing up regulatory capital and driving the 2nd line to evaluate cyber compliance. Cyber risk is a systemically important geopolitical risk outside and inside of FS, and therefore a risk that affects current and emerging risks for CROs.
It is with this knowledge that we developed our programs for cybersecurity risk management for boards and leadership teams. Creating the frameworks for the oversight and assurance of cyber risk using the 3 Lines of Defense regulatory model. That can be found here on our U.S (https://lnkd.in/etQdtn-w) and UK website sites (https://lnkd.in/eB36S_Vw)
Ted Dziekanowski
#cybersecurity #cyberriskmanagement #theaugustagroup #CRO #financialservices
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