Cyber security
WHAT IS THIS? The aim of cyber security is to protect computer systems from disruption or misdirection of the services they provide. Regulators have stated banks and other financial institutions should be able to return to normal operation no more than two hours after suffering a cyber attack.
Top 10 op risks 2019: theft and fraud
Rogue employees are costly, but the thought of cyber mayhem dominates managers’ concerns
Top 10 op risks 2019: outsourcing and third-party risk
Perfecting internal controls is meaningless when lax oversight of outsourcing offers back-door vulnerability
Top 10 operational risks for 2019
The biggest op risks for 2019, as chosen by industry practitioners
Top 10 op risks 2019: organisational change
Missteps during strategic change open up a grab-bag of different risks
Top 10 op risks 2019: IT failure
Worries amplified by conspicuous mishaps and regulators’ new focus on operational resilience
Top 10 op risks 2019: IT disruption
Cyber attacks presents multi-faceted threat, but banks and regulators are fighting back
Top 10 op risks 2019: data compromise
Big data provides big target for hackers, as banks wrestle with risk of monetary and reputation loss
Execution issues dominate UK bank op risk losses
This category of risk accounted for 47% of op risk losses on average at five banks
Basel turns its attention to operational resilience
New working group will focus on business continuity in the age of cyber threats
Basel’s archaic op risk taxonomy gets a makeover
Industry moves to revise out-of-date categories that feature risks such as cheque fraud
FCA survey reveals significant increase in tech failures
Cyber incidents represented 18% of incidents reported to the FCA in year to October
Q&A: CFTC’s Quintenz talks bitcoin, Nasdaq breach, algo trading
On cryptocurrencies, commissioner worries about spot market, but has confidence in big futures exchanges
The disputed terrain of model risk scoring
There is no concord on how banks should police their model risk. But two Fed economists have an idea
Commerzbank hires new cyber chief for Americas
Thomas Kartanowicz will oversee cyber risk and information security
Cyber security begins a shift to the risk department
Normally the province of IT, cyber defence is increasingly seen as a critical part of operational risk
Swift user break-ins a ‘repeat business’ for hackers
Cyber thieves have accessed the interbank messaging system through small, developing world banks
Asia moves: SGCIB makes two promotions, Natixis hires three heads, and more
Latest job changes across industry
Disruptive change in US power markets: Identifying risks and embracing opportunities in the new world of digital
Power markets worldwide are experiencing disruptive changes on a bigger scale and with greater speed than many had anticipated. Now, more than ever, it is essential to understand opportunities and risks associated with these changes
Dread of cyber attack and data theft grows at EU banks – survey
More than 60% of respondents predict a rise in op risk
Op risk data: SocGen suffers twin blow with Libor, Libya losses
French bank takes top two slots in monthly loss data roundup. Plus review of H1 losses. Data by ORX News
Bank risk committees: desperately seeking risk managers
Most boards still lack career risk specialists despite tighter governance requirements
Fraud makes up bulk of UK bank op risk loss events
Internal and external fraud on average equalled 64% of all op risk events in 2017 across four large dealers
BoE to set tolerance levels for operational disruptions
Regulator cites recent TSB and RBS outages as it plans incident response framework