“Given Treasury’s central role in sustaining a bank’s financial stability and security – and the fact that all parts of the bank come to it for knowledge and advice – the department needs a working knowledge of this rising new category in the bank’s risk register.
The starting point for Treasury is to recognise that the responsibility for deflecting cyberattacks can no longer be deferred just to the IT department. If defending against these attacks merely required investment in technology, banks would have already completed it. In fact many have invested millions in technology in their attempts to prevent cyberattacks, yet more often than not their exposure to cyber risk has only increased.”
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