WolfPAC Integrated Risk Management Blog

Cybersecurity Tops the Risk Charts for 2017

| Author
Wolf & Company, P.C.

The American Bankers Association had an interesting chart in their ABA Banking Journal last month, highlighting the Top 6 Risks Expected for 2017. Similar to the predictions we made in our article 10 Financial Industry Trends You Cannot Ignore, Cybersecurity has reached the top of the list, growing 4% from last year’s 66%.

Surprised? Probably not. Technologies are proliferating and becoming more complex, at a rate that's difficult to manage. Customers expect speed, efficiency, and high availability, and financial institutions are using more technologies than ever to support their operations and service lines. With the rate of movement and change within the tech industry, it’s no wonder a financial institution is in the news seemingly every week victim of a breach, Distributed Denial of Service (DDoS) attack, or another exploit of a technology vulnerability. With the stakes high and the likelihood of an attack higher, financial institutions are concerned about the ways their technologies could be putting them at risk. Institutions need to assess and manage not just the potential revenue losses they could endure, but reputational losses as well to ensure they are appropriately valuing each technology within their risk management program.

Other high concern Risk Management areas for 2017 include Regulatory Change Management (38%), Vendor Risk(34%), Fair Lending (34%), Credit Risk (28%), and UDAAP (18%).

Looking for a better way to assess your institution’s technologies to ensure you keep your organization safe? Our suite of risk management services and solutions are designed to help ease the pain of manual risk management, while aligning your activities with larger business objectives. If you have questions about how you could better manage cybersecurity risks within your own organization, contact us today, and we’ll have an expert reach out to help!

TOPICS: Cybersecurity Information Technology IT Risk

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