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How to gain more from operational risk management practices.
Modern risk management technology solutions improve efficiency and provide greater visibility into risks. Today’s tools provide real-time visibility, action plans, enhanced reporting and business intelligence, and proactive notifications for operational risk. Real-time data empowers banks and financial services organizations to proactively manage risks and instantly detect and mitigate emerging issues. Click here to learn more.


Heightened cybersecurity risk considerations

In response to the heightened cybersecurity risk facing the financial services industry and other critical business sectors, the FDIC and the OCC have issued an interagency statement on heightened cybersecurity risk. The statement focuses on risk management principles that can reduce the risk of a cyber-attack and minimize business disruptions. FIL-3-2020 has also been issued by the FDIC.

The Department of Homeland Security has indicated there is heightened risk of cyber-attack against U.S. targets because of increased geopolitical tension. The current environment provides an opportunity for banks to re-evaluate the adequacy of safeguards to protect against various types of cybersecurity risk. The Heightened Cybersecurity Risk document highlights principles previously articulated by the FDIC and other banking regulators including: business resilience, authentication, system configuration, security tool, data protection, and employee training. Banks can apply cybersecurity risk management principles and risk mitigation techniques to reduce the risk of a cyber attack's success and minimize the negative impacts of a disruptive and destructive cyber attack

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