Journal of risk management in financial institutions · 2017 · 28 citations · 0 references
BusinessCybersecurityRisk ManagementComputer SecurityFinancial Risk ManagementInformation Security ManagementBank Risk ManagementCyber RiskCybersecurity ManagementCybersecurity StrategyFinancial RiskSecurity ManagementCyber Insurance Market StructureCybersecurity Governance In BankingCybersecurity Incident RiskCybersecurity Risk ManagementElectronic Banking Risk ManagementInsurance Market DesignRisk Management Strategy EvaluationTripartite Structure
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.