What Treasury needs to know about cyber risk

From GT News –

“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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Digital drivers for banks

From Banking Exchange –

“Discussions and debates about the digital bank continue. Now, the question has progressed from “What is a digital bank?” to “Why should banks embrace digitalization?”

A wide range of observers has recently weighed in, approaching the new question from a variety of angles. Some focus specifically on where financial institutions fit in. Others deal more generally with the pressure exerted by the increasingly important demographic of the millennials. Still others, also more generally, discuss how business leaders see IT as a much more direct influence on the bottom line, both now and in the future.”

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Ways to Engage Executives in Cyber Risk

From Risk & Compliance Journal -

“A survey of retail executives shows many retailers making progress toward strengthening their cyber risk management programs, though they, along with their peers in other industries, could still benefit from improved governance and engagement with business leaders. More business executives are starting to recognize that accountability for cyber risk cannot rest solely with the IT organization. The many high-profile breaches in recent years have shown business leaders that efforts to prevent, detect, respond to and recover from cyber incidents require the collective wisdom and authority of executives across a range of functions.”

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