Financial Crime World

Cybersecurity in Banking: Experts Weigh in on Central Bank’s Inspection Findings

Introduction

On September 15, 2020, IOB hosted a live webinar featuring industry leaders and regulatory experts discussing the key themes addressed in the Central Bank of Ireland’s inspection of Cybersecurity Risk Management in Asset Management Firms. The event aimed to share insights on the findings of the “Dear CEO” letter and the Central Bank’s proposal to prescribe the Chief Information Officer as a PCF.

Panelists

The webinar featured three esteemed panelists:

  • Laura Wadding, Partner at Deloitte, with over 20 years of experience in financial services, specializing in governance, risk management, and compliance.
  • Justin Egan, Principal at Carne Global Financial Services, with over 25 years of experience in the financial services sector, advising asset managers on regulatory and compliance matters.
  • Jackie Fox, Managing Director at Accenture Ireland, a leading cybersecurity expert with extensive experience in technology and cybersecurity consulting.

Key Takeaways

The panelists discussed the importance of effective cybersecurity risk management in asset management firms, highlighting the following key themes:

  • The need for organizations to understand and treat their cyber risks effectively.
  • The significance of collaboration among industry stakeholders to address emerging threats.
  • The importance of effective governance, risk management, and compliance arrangements.

Insights from the Panelists

Laura Wadding

Laura emphasized the implications of the Central Bank’s proposals for the industry. With her extensive experience in financial services, she shared insights on how these proposals will impact asset managers and other stakeholders.

Jackie Fox

Jackie stressed the need for organizations to understand their cyber risks effectively and treat them accordingly. She also highlighted the importance of collaboration among industry stakeholders to address emerging threats.

Justin Egan

Justin discussed the implications of the inspection findings for asset managers, emphasizing the need for effective governance, risk management, and compliance arrangements.

Conclusion

The webinar concluded with a discussion on the latest cyber threats facing the industry and how they can be tackled collectively. The event provided valuable insights into the importance of effective cybersecurity risk management in banking and the need for collaboration among industry stakeholders to address emerging threats.