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The FSA, Commerzbank & IBM discuss cyber-terrorism, Occupy & how banks are preparing for London 2012

25 May 2012  |  13118 views  |  1 Source: Finextra Hourly Markets


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On November 22 last year 87 financial services firms with a London office participated in a war games-style market exercise, run by the UK's Financial Authorities (HM Treasury, the Bank of England and the Financial Services Authority), to test their responses to a concerted cyber-attack and the threats posed to their business by traffic gridlock at the 2012 Olympics.

What the FSA's Market Wide Exercise revealed were concerns about the stability of retail and wholesale payments, as well as the CHAPS supply chain, in the event of a large-scale cyber attack on London's banking network. As a result, banks are looking to improve levels of communication between settlement banks and their supply chain partners.

However, since the exercise last November, the FSA are now concerned that upheaval in the eurozone may coincide within the timeframe of the Olympics.

Finextra and IBM's panel of experts discuss these concerns as well as how firms are moving toward a risk management process that both addresses the myriad types of risk that functions across the organisation face, and encompasses all facets of risk management, from its identification through to mitigation.

Join us to hear from:

  • Sharon Wallis MSc, MBCI Resilience Team, Risk & Financial Stability, FSA
  • Stuart Dunsmore, Director, Global Head of Business Continuity & Physical Security, Commerzbank AG, Group Services Security
  • Chris McBrayne, IBM Business Continuity & Resiliency Services Executive, UK & Ireland 

Watch a preview of this webcast now.

Our panel discussed:

  • Cyber-terrorism
  • Banking resiliency in the face of technical failures or hacking
  • Political unrest – such as with the Occupy movement
  • Impact of personal mobile technology on internal IT infrastructure and resources
  • Impact of various regulations on bank services
  • Impact of social media
  • Security concerns around ‘Chinese walls’ and human resource issues
  • Fraud and customer security concerns related to hacking
  • Third party vendor risk due to M&As, consolidation and insolvency
  • Non-IT or financial services disasters such as physical terrorism or natural disasters

Comments: (1)

A Finextra member
A Finextra member | 13 June, 2012, 09:39

I don't wish to be pedantic, but there is no such word as resiliency - it is resilience.

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