We argue a multi-pronged but coordinated approach should be adopted - one focused on security, vigilance and resilience, supported by robust governance and guided by a clear strategy. This will best position financial institutions to be cyber strong and to stay ahead of regulatory expectations.
" A multi-pronged but coordinated approach should be adopted." Kevin Nixon & James Nunn-Price
Targeted in APAC
This is hardly surprising: the financial system relies on confidentiality of data, protection of deposits, and provision of critical services. The threat, given the frequency of cyber-attacks recently, is clear and present.
Because financial institutions are becoming data-driven digital businesses as more financial services are delivered online cyber risk increases. Given the financial system is extensively interconnected and increasing ICT interdependence across borders if cyber risks and responses are not well managed the impact of a cyber event can quickly spread.
That then drives regulators to consider appropriate standards and supervisory tools and actively urge firms to enhance their capabilities to address these emerging threats
But it’s not just meeting regulatory demands which makes managing cyber risk important - robust security and risk management is essential for maintaining trust and enhancing a competitive edge to retain customers.
Views from regulators