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Expectations have been formalised by UK regulators’ resilience principles – set to come into effect at the end of March 2022 – and given a real-world test in the form of the Covid-19 pandemic, plus the very real threat of outages hitting payment networks and other key pieces of global infrastructure following the aftermath of the invasion of Ukraine. Sixth place goes to resilience risk – the ability to maintain critical services or operations during periods of disruption. Arthur Lindo, deputy director for policy in the board’s supervision and regulation division, described the rapid growth of high-speed, internet-enabled mobile devices as an emerging source of risk for banks, providing cyber criminals with ever more options for ingress.
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Information security ranked fifth this year, with the US Federal Reserve Board warning in October 2021 that looming changes in technology would produce new ways for information to be stolen from financial companies. However, the impact of global instability has far wider potential ramifications for his bank’s threat profile, the exec adds: “I would not take just this one instance to mix the two fully – geopolitical risk has cyber element, but also supply chain and resilience elements too.” The headline risk of a rise in state-sponsored cyber attacks in response to sanctions is “a probability”, says one head of cyber risk. There is a real danger that a “skills shortage leads to weak oversight of business operations, risk compliance personnel”, says a senior op risk manager.įourth position goes to geopolitical risk – unsurprisingly up several places this year. Perhaps more worryingly, firms say there simply aren’t enough skilled employees to fill open vacancies in certain critical functions. The risk is twofold: with pay and bonuses jumping last year amid record results for banks, attracting and retaining the best staff in their field has been an unprecedented challenge, say firms of all stripes. Talent risk has appeared on the radar for operational risk managers, landing at an unwelcome all-time high. Meanwhile, the FBI has warned of a rise in ransomware attacks emanating from Russian state-sponsored cyber criminals targeting US infrastructure.Īt third, a curveball. Theft and fraud jumps several places this year, to second – perhaps owing as much to the bulk of last year’s largest op risk losses emanating from mega frauds as a nod to the current state of roiling markets, and their propensity to drive episodes of internal fraud. Last year also marked the first anniversary of the Russian hack of SolarWinds, which is thought to have compromised US government servers as well as banks and other financial institutions. Small wonder, then, that IT disruption tops this year’s poll again – a phenomenon that has never been far from top of mind, with the heads of the largest US banks in May voicing their fears to Congress. The head of cyber risk at a European bank says he also fears IT disruption from extreme cyber attacks or outages beyond his control. As banks brace for an escalation in hacking attempts from Russia-linked groups, op risk managers have never been more aware of the hazards posed to their institutional infrastructure by malevolent actors.