Enabling Cyber Risk Management- Many of the fines issued by the FCA over the past few years can be attributed to poor information management. The threats from external cyber-attack and malicious insiders are escalating, with your corporate and client information being the primary target of the cyber criminals. The legal requirement on UK businesses will evolve with the proposed EU data protection regulation likely to come into force next year. It is therefore critical to implement robust information risk management. This recorded webinar by Colin Lobley, will discuss the risks and highlight some practical steps to develop and integrate information risks into your ERM.
Successful Risk Management Starts Small
According to Peter Spier of CMS Wire, businesses should commit to developing organisational risk management processes by starting small and begin this process by identifiying the data that is most important.
An exerpt from the article states, "According to the Privacy Rights Clearinghouse, 31,110,318 records were breached worldwide in 2011 with 18,739,183 more year-to-date. Given the deep pockets of such high-profile breached organizations as Sony, RSA, Global Payments and LinkedIn, what can your organization do to protect its valuable assets against concerted effort if not human error?"
The article explains that organisations must recognise the levels of data security, balance their risk and business needs, and to effectively communicate and raise awareness of their organisations data classification policy to their employees.
To read more go HERE.
FSA writes to firms regarding IT Risk Management in the wake of recent failures
Today the FT is reporting that the FSA has written to the Chairman of the UK’s nine largest banks and building societies regarding the robustness of their IT Infrastructure and demanding the names of the individuals who will be held accountable for any IT failures.
The FSA’s actions are not surprising given the recent IT failures seen at RBS however it does raise yet another challenge for firms as they review their approach to IT Risk Management and seek the ways and means to incorporate ‘IT Risk Management’ into their wider Risk Management agenda.
In this blog post we set out how how the Stratex solution can assist firms to meet the challenge of driving forward their IT Risk Management framework, and importantly how this can be done as part of wider Enterprise Risk Management framework.
