Global Bank Cyber Risk Coordination a Positive for Risk Mitigation
"Cybersecurity risk has been a growing “non‑financial” risk for banks over the years, but there is a very real and growing financial impact from cyber incidents. Cyber attacks regarding sensitive client data can lead to ransom losses, lost revenue, operational interruptions, increased counter‑party and reputational risks and customer attrition. Additional costs include data restoration, investigation and response and regulatory and/or legal fines, some of which can be offset by cyber risk insurance."