icrmc Archives

Financial Institutions Struggle to Keep Up with ‘Changing Business Needs’ Such as Social Mobile Apps, and Getting Risk Data Quickly, Deloitte Report Suggests

January 27th, 2019|Categories: HB Risk Notes|Tags: Cyber Risk, cyberisk, data breach, data security, deloitte, icrmc, privacy law, risk data, Risk Management|

Deloitte's report is based on a survey of 94 financial institutions around the world that operate in a range of financial sectors and with aggregate assets of $29.1 trillion. Deloitte's Edward Hida -- financial risk community of practice global leader and a partner in Deloitte Risk and Financial Advisory -- posted his executive summary the latest Global Risk Management Survey which is the organization's eleventh. The report is a detailed one and Deloitte draws quite a few conclusions around the continued focus on cyber security, engagement of boards of directors, increase attention to non-financial risks, the potential of digital risk management, enterprise risk management, the proliferation of Chief Risk Officers, an increased reliance on stress testing and more. A couple figures jumped out at me which show at least two challenges to financial institutions. Hear this Deloitte professional at ICRMC in Toronto April 15-16! Respondents are finding "extremely challenging" the need to keep up with changing business operational needs, such as deployment of social mobile applications, data analytics and cloud-based risks. Also in the "extremely challenging" category, not surprisingly, are threats from "sophisticated actors," like foreign governments and crackerjack hacktivists. Other issues categorized as "extremely high priority "revolve around getting quality risk data quickly. Given the average length of time other studies show that a hacker can poke around in your network before you [...]

Financial Services Cyber Risk Information Sharing

September 26th, 2018|Categories: HB Risk Notes|Tags: Cyber Risk, cyber security, cybersecurity, data security, financial data, FS-ISAC, hacking, icrmc, privacy law|

Why We Need to be More Like Apes, Less Like Seagulls By Tom Hagy Featuring Craigg Ballance, Director of Canadian Member Services, FS-ISAC Even before we can walk we are encouraged to share. We’re told to share our things even when we barely have any. Even some wild animals share food and resources – even when those resources are scarce. Some creatures are better at it than others, of course. Apes and lions? Absolutely. Seagulls? All you have to do next time you’re on the beach is toss what’s left of your ham sandwich into the air and see how generous gulls are. People fall into sharing -- and not-fond-of-sharing -- groups, too. Sharing is particularly critical in the financial sector where, while privacy and security regulations command a tight lid on data, global financial institutions are successfully sharing data about cyber risk, says Craigg Ballance, Director of Canadian Member Services for FS-ISAC in Toronto. But, he says, sharing has to take place across a broad landscape. “Information analysis sharing has to cut across the various subsets of the financial sector,” says Ballance. “While banks share local data, they are trying more and more to share globally, but,” he says, “banks need to share with other institutions, like insurers, investment funds, pension funds, and other types of financial institutions, for this cooperation [...]

International Cyber Risk Management Conference | April 15-16, 2019 | Toronto

August 22nd, 2018|Categories: Conferences, HB Risk Notes|Tags: cyber insurance, Cyber Risk, cyber security, cybersecurity, data breach, icrmc, privacy law, ransomware, Toronto cyber conference|

Get 10% off with promotion code HB2019 Check out the Agenda and Faculty Date: April 15-16, 2019 Venue: Metro Toronto Convention Centre 255 Front St. West Toronto, ON M5V 2W6, Canada Information Brownie Bokelman Email +1 (484) 844-0437 Ask for the list of attending organizations. Photo: Tom Ridge, the first Secretary of the U.S. Department of Homeland Security and the 43rd Governor of Pennsylvania, speaking at ICRMC in 2017. Join 300 cyber insurance and risk professionals. Learn from a carefully selected faculty. Benefit from the program's impressive Steering Committee. Don't miss this great business opportunity!

BitSight Releases eBook on Use of A.I. & Big Data in Continuous Cyber Risk Monitoring

July 18th, 2018|Categories: HB Risk Notes|Tags: bermuda cyber conference, bitsight, cyber insurance, Cyber Risk, cyber risk management, data breach, data security, icrmc|

"With every reported data breach or cyberattack, the cyber risk landscape gets a little more complex. Cyber criminals create new attack vectors, cybersecurity professionals develop new controls to protect their systems, the criminals get to work circumventing the controls, and so on.The result of this back and forth is that cyber risk professionals have a huge variety of risk factors to worry about. In response, risk managers and security specialists need to develop extremely complex cybersecurity programs to make sure all of their bases are covered. "With so many cybersecurity risks to consider, it’s inevitable that some will receive less attention than they deserve. Unfortunately, these overlooked risk factors could play a role in your next cyberattack, and if your financial services firm isn’t prepared, that could be extremely costly." Read more. We're looking forward to seeing the BitSight team in Bermuda Dec. 6-7, 2018, at the International Cyber Risk Management Conference.