Navigating the digital landscape
Key learnings from the Cyber Risk & Technology Resilience Summit
Technology risk was debated on the Cyber Risk & Technology Resilience Summit at RiskMinds International that was designed to encourage resilience and alignment with business continuity planning frameworks at financial institutions and the companies they lend to and rely on for third-party services, such as cloud computing providers.
As everything moves online, rising financial crime is a clear and present cyber risk which amounts to an annual loss of $2 trillion. Artificial intelligence (AI) could exacerbate cyber risk, while simultaneously offering a solution tool to fight phishers, scammers and malfeasance of all types. “AI can be a positive disruptor technology and a risk at the same time,” explained a panellist on the Cyber Risk & Technology Resilience Summit.
AI can be used for good or greed. AI can help the efficiency and cost effectiveness of operational IT and specifically the pattern-spotting behavioural software deployed to detect malfeasance. Not only can it speed up anti-crime measures, such as the detection of deep fakes, but customer service can be improved as well, alongside the speed of loan decision-making, the democratisation of financial service advice, and so on.
Conversely, AI can aid market manipulation, pyramid scheme dissemination, and bad actors. But whether these are AI-driven or not, the risks they pose are significant. Tackling them requires financial institutions to focus on: people, process, and technology. A panellist shared this ‘3-storey house’ approach which addresses each overlapping risk element in the building out of a resilient over-arching approach to cyber risk and “embeds resilience into your organisation”.
Adam Ennamli, Chief Risk Officer, General Bank of Canada, joins us to talk about the particular challenge that cyber risk management is to CROs. Plus, he addresses the collaborative process that cyber risk mitigation needs.
