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

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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.
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Keywords: cyber risks, cybersecurity, cybercrime, malware, risk management, intelligence

Document Type: Research Article

Publication date: March 1, 2017

More about this publication?
  • Journal of Risk Management in Financial Institutions is the essential professional and research journal for all those involved in the management of risk at retail and investment banks, investment managers, broker-dealers, hedge funds, exchanges, central banks, financial regulators and depositories, as well as service providers, advisers, researchers and academics. Guided by expert Editors and an eminent Editorial Board, each quarterly 100-page issue does not publish advertising but rather in-depth articles, reviews and applied research by leading professionals and researchers in the field on six key inter-related areas: strategic and business risk, financial risk, including traditional/exotic credit, market and liquidity risks, operational risk, regulatory and legal risks, systemic risk, and sovereign risk.

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