As the velocity and rate of technology change exposes financial institutions to greater risk and regulatory compliance, it also opens new pathways to value creation and opportunity investment. Companies continue to wrestle with balancing the level of risk exposure, meeting regulatory standards, and fortifying the business when pursuing new revenue streams in turbulent economic times.
Forward looking financial services companies have recognized that cyber security risk is not only a technology issue, but few have designed a holistic operational risk framework that enables competitive advantage while securing the enterprise’s most valued assets against cyber attacks and threats. This next generation operational risk management framework will incorporate cyber risk in its foundational elements, and will arm companies with the tactical insight, strategic foresight, and granular analytical visibility needed to minimize cyber risk exposure while maximizing opportunistic action.
So how should financial services companies meet the growing challenges of the digital transformation age with heightened cyber risk?
The paper addresses key areas including: