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Is the WEF correct in saying that cyber-risk should take center stage? The past month has seen the release of a number of reports from influential regulators and banks on cyber and their concerns on the impact of cyber attacks on the markets. The SECs guidance from the Office of Compliance, Inspections and Examinations (OCIE) raised a number of observations on cyber risk. Whilst Christine Lagarde raised the concern the ECB has over the impact of a cyber attack on financial stability.
Is cyber at the forefront of mind for the financial institutions already? Whilst credit and market risk take center stage, does operational risk and with it cyber risk management have the focus it needs? Credit and market risks can be attributed to specific and tangible activities. Operational risks like cyber cannot. As this report rightly states cyber a nebulous and complex risk to assess and manage and there are no agreed global conventions.
Banks are the epitome of digital, dependent on data and cyber security is a critical dependency. Is it time that banks put security into the board room. Adopt a common language over risk and controls, to have consistency for assessing and managing the risk. The WEF thinks so.
Thoughts?
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