Cyber security converges with operational risk, says new research

Cyber security converges with operational risk, says new research

Cyber security and operational risk worries are being viewed as a combined issue by risk managers. They are further being confronted by agenda from a digital makeover of financial and banking services.

Financial research firm Chartis has teamed up with management consultancy Accenture, along with risk management consulting firm Parker Fitzgerald, in order to assess the effects such trends are having on a market estimated to become worth $100bn this year.

In a paper compiled jointly by Chartis and Accenture, it was noted that although financial institutions have become with familiar in how phishing, malware and firewalls work on a basic level, they are finding it difficult to join the more technical side of security with process risks and people that operational risk is responsible for overseeing.

Managing Partner at Chartis, Peyman Mestchian, said:

“We must think carefully about the kind of signals and messages that will be received by employees and customers if we outsource certain key risk management processes. If done right it will add value, but if done as a purely outsourced ‘tick box’ process then it may go against the spirit of risk ownership and accountability.”

The finance industry will always be one of the more targetted industries for obvious reasons but that doesn’t mean that other industries are in the clear. This has been evident by breaches of Target, Ashley Madison and others in recent years. It only goes to show why cyber security jobs are so important to the modern SME.

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