Risk & Resilience

Navigating Risk & Resilience: Balancing Complexity & Cost in GRC Solutions

When it comes to operational resilience and continuity, as well as broader GRC, many options for solutions are available in the market. Selecting the right solution is critical, as many choices lead organizations down the road of complexity and cost—not just in implementation, but also in ongoing maintenance, management, and user experience. Organizations need operational resilience and continuity solutions that are highly resilient, efficient (in both human and financial capital), effective, integrous, accountable, and agile to the needs of dynamic and distributed businesses.

Ransomware Attack Disrupts Payment Systems for Nearly 300 Small Indian Banks

A recent ransomware attack has forced the temporary shutdown of payment systems across nearly 300 small Indian local banks, according to two sources familiar with the situation. The attack targeted C-Edge Technologies, a provider of banking technology systems to small banks throughout India.

ESAs Release Comprehensive DORA Policy Package, Enhancing EU Financial Sector's Digital Resilience

The European Supervisory Authorities (ESAs) - comprising the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority - have unveiled their second batch of policy products under the Digital Operational Resilience Act (DORA) on July 26, 2024. This extensive package, aimed at bolstering the digital operational resilience of the EU's financial sector, includes four final draft Regulatory Technical Standards (RTS), one set of Implementing Technical Standards (ITS), and two guidelines.

European Central Bank Developing New Framework to Address Geopolitical Risks

The European Central Bank (ECB) is crafting a new framework to evaluate the impact of geopolitical risks on banks, informed by the lessons learned from the sanctions on Russia, which have disrupted operations for several euro zone lenders. This development was announced by Claudia Buch, the ECB's top banking supervisor, during an online event hosted by the Petersen Institute for International Economics.

Massive Global IT Outage Highlights Fragility of Digital Infrastructure

A global technology outage caused by a faulty software update grounded flights, knocked media outlets offline, and disrupted hospitals, small businesses, and government offices on Friday. This incident highlighted the fragility of a digitized world dependent on a few key providers. At the heart of the massive disruption was CrowdStrike, a cybersecurity firm that provides software to thousands of companies worldwide.

FinCEN Intensifies Efforts to Combat Fentanyl Trafficking & Money Laundering

The Financial Crimes Enforcement Network (FinCEN) has launched a comprehensive initiative to tackle the twin threats of fentanyl trafficking and money laundering, highlighting the critical role of financial intelligence in combating these interconnected crises. This effort, part of the broader Counter-Fentanyl Strike Force led by the Treasury Department, aims to disrupt the financial networks fueling the devastating opioid epidemic across the United States.

ESAs Unveil Sweeping DORA Policies: A New Era for Digital Resilience in EU Finance

The European Supervisory Authorities (ESAs) have unveiled a comprehensive set of policy products under the Digital Operational Resilience Act (DORA), marking a pivotal moment in the European Union's efforts to bolster the digital resilience of its financial sector. This extensive package, comprising technical standards and guidelines, represents a significant leap forward in harmonizing and strengthening the EU's approach to cybersecurity and operational risk management in finance.