Top 10 op risks 2020: IT disruption

Risk of downed systems, from hack or outage, continues to make op risk managers fret

When bank customers are suddenly unable to access their money because of a paralysing cyber attack or a critical IT systems failure, the consequences for bank profitability and reputation are clear.

Respondents to this year’s survey of top op risks report a two-pronged risk to systems and IT operations. First, the threat from hostile hacking groups and even nation states laying siege to a bank’s defences: breach attempts only have to be successful once to sow widespread chaos. Second

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