Cybersecurity: Risks and management of risks for global banks and financial institutions

Mark Camillo

Journal of Risk Management in Financial Institutions, 2017, vol. 10, issue 2, 196-200

Abstract: The frequency, severity and sophistication of cyberattacks against global financial institutions continues to increase, even though the vast majority of such breaches remain unreported. Financial institutions need to embark on a holistic risk management strategy if they are to combat effectively the renewed threat, ensuring that a tripartite approach that embraces rigorous internal procedures, the adoption of external professional support and the utilisation of appropriate insurance cover is in place. In particular, working in tandem with the insurance market here can play a key role in not just offsetting costs when an event happens at a financial institution, but in preventing an attack in the first place and responding correctly to mitigate when cybersecurity does fail.

Keywords: cyber risks; cybersecurity; cybercrime; malware; risk management; intelligence (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2017
References: Add references at CitEc
Citations:

Downloads: (external link)
https://hstalks.com/article/276/download/ (application/pdf)
https://hstalks.com/article/276/ (text/html)
Requires a paid subscription for full access.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:aza:rmfi00:y:2017:v:10:i:2:p:196-200

Access Statistics for this article

More articles in Journal of Risk Management in Financial Institutions from Henry Stewart Publications
Bibliographic data for series maintained by Henry Stewart Talks ().