Top 10 operational risks for 2024

• Ransomware attacks, combined with the emerging threat of AI, have cemented cyber risk as the financial industry’s number one operational risk for 2024.

• Third-party risk takes third spot in the rankings, following hack attacks on tech vendor Ion Group and securities lending platform EquiLend last year.

• External fraud also re-enters the Top 10 as criminals harness the power of gen AI to defraud financial firms in more creative ways.

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Risk Quantum finds insights in data. The service tracks the public disclosures of over 120 banks, funds, insurers, corporates, and central counterparties – as well as reports from prudential and markets regulators – in Asia, Europe and North America.

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