Dealing with theft and fraud is part and parcel of a risk manager’s job. But with attempted breaches from both now concentrated in the digital realm, banks are significantly less worried about physical robberies than they are about cyber bandits.
Whether realised losses from cyber fraud still trump the old-fashioned variety on an industry-wide basis is another matter, however. Many of last year’s largest op risk losses from fraud were more conventional. The Agricultural Bank of China, for