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The drumbeat of news about hackers stealing millions of dollars by gaming the Swift interbank messaging system should have been a wake-up call for banking executives, but it's unclear how many of them answered it. Is it too late for them to shore up their defenses?
MAS-TRM compliance: Technologyrisk management guidelines by the Monetary Authority of Singapore. NESA compliance: Standards set by the National Electronic Security Authority in the UAE. CCPA compliance: California Consumer Privacy Act, focusing on consumer rights and data protection.
There was an insufficient understanding of risk; there were “unclear” end-to-end accountabilities for compliance; and there were insufficient resources in place. That tactic — cutting corners and pennies — shows a glaring disconnect in risk management, according to Taylor. Crime, At Scale.
Finally, engage with senior managers so that they understand their role in overseeing technologyrisks and receive the right information for them to do so effectively. Technological solutions Adopting real-time monitoring tools will be vital in helping firms meet UK and EU expectations for operational resilience.
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