The rising number and complexity of cyber-attacks now represent a real threat to all Industry’s profitable existence. Reputational damage and regulatory fines threaten FSIs that cannot prove a coordinated response, communication and back-up plan is in place.
Convergence of Operational Risk & Cyber Security
Boards and senior leadership increasingly recognize that the solution lies beyond the pure technology layer, instead of focusing on the broader people and processes of the institution where a divide still exists between governance and the automated data intelligence required to mitigate today’s more sophisticated risk.
Organizations recognize the reliance on a combination of spreadsheets, point solutions, and other tools; are not effective in improving the maturity of IT risk management programs and fail to drive compliance with the evolving regulatory cyber risk management guidelines.