Magazine article The RMA Journal

Big Issues in Store for GCOR

Magazine article The RMA Journal

Big Issues in Store for GCOR

Article excerpt

It happened again. Just as I was getting my thoughts together for this month's Leadership Letter, another report of a massive cyber crime made the news, and this one hit close to home: Up to $1 billion was taken from banks across the globe. The news flash said hackers stole from roughly 100 banks in 30 countries, including the U.S., by gaining access to computer systems through phishing and other exploits. They then dispensed the stolen funds through ATMs and online banking platforms.

The news came on the heels of the Anthem Inc. breach, which involved the sensitive information of up to 80 million people, including social security numbers and bank account information. Before that, there were the much-publicized breaches at Sony and JPMorgan Chase last year. All of these cases are stark reminders that our own institutions could be affected at any time. In fact, it could be happening right now. (The Associated Press article 1 read about the $1 billion scam said the hackers liked to "lurk for months to learn the banks' systems.")

RMA is a champion of sound risk principles, and helping institutions appreciate and plan for the danger of cyber attacks is part of our mission. That is true of The RMA Journal--which recently published a special cyber security issue and a thoughtful article on the subject by our chair, Nancy Foster'--as well as the Association itself. The next RMA event that will address cyber risk in depth will be our upcoming Governance, Compliance, and Operational Risk Conference (GCOR IX) in Cambridge, Massachusetts, April 22-23.

GCOR will feature sessions on translating cyber risk information for the board and senior management, as well as the ins and outs of purchasing cyber risk insurance. There will also be an address on cyber resiliency by Valerie Abend, senior critical infrastructure officer at the OCC. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.