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Risk-Weight of Cybersecurity

Nov
19
Author: admin

In recent remarks before the New England Council, Comptroller of Currency, Thomas J. Curry, said that cyber security for banks is no longer merely an issue for IT. Rather, it is the “foremost risk facing banks today.” The infamous breach at the Office of Personnel Management earlier this year alerted every organization with sensitive information to the high risk of a similar attack. As a result, banks are experiencing more severe scrutiny with regard to cybersecurity–not just from the IT world, but also from regulators. Regulators’ concerns are not limited to “whether a bank has appropriate safeguards against a cyber attack,” says Stan Orzula, “but also whether the bank is properly managing its vendors and maintaining adequate insurance coverage, as well as, most importantly, whether the board and senior management are embedding cybersecurity into the bank’s culture and compliance systems.”

By: Alexia Boggs

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