The Malta Bankers’ Association (MBA) is organising a half-day conference on cyber risk in the banking sector, aiming to raise awareness and help to improve effective governance in credit institutions, according to a press statement sent to Business Malta.
Entitled “Cyber Risk in the Banking Industry – Addressing and mitigating threats”, the conference will be held on 29 November at the Corinthia Palace Hotel Ballroom in Attard, starting at 08.00hrs and ending at 13.00hrs. The event will be followed by a networking lunch.
“The MBA conference is taking place against the backdrop of the fast pace in technological development in banking and the more intense digital agenda which have brought substantial benefits for banks themselves and their end-users, but at the same time opened new horizons of risk,” MBA Secretary-General Karol Gabarretta said.
In the wake of quickly spreading cyberattacks, the issue of cybersecurity has to come under increased scrutiny by institutions, organisations and businesses.
The Europol’s 2019 Internet Organised Crime Threat Assessment (IOCTA) report says that “the persistence and tenacity of a number of key threats” and the “complexity of countering cybercrime” manifest in “a growing number of cases of complex attacks on banks by sophisticated cybercrime gangs employing tactics to take control of a bank’s internal network.”
Moreover, the European Central Bank (ECB) has highlighted key operational risk drivers in the area of cyber risk for banks, specifically significant institutions under its oversight, such as loopholes in IT solutions, data integrity, cybersecurity and cybercrime and IT disruption.
In its Risk Assessment for 2020, the ECB maintained this theme noting that “continued digitalisation of financial services makes banks more vulnerable to cybercrime and operational IT deficiencies as the overall interconnectedness of banks with parties inside and outside the financial sector is deepening.”
The conference targets key personnel within banks—namely board directors, CEOs, COOs, CIOs as well as officers in risk, compliance, security, internal audit and IT functions. However, firms from different sectors of the financial services industry and other economic players would also benefit in view of the fact that such entities are exposed to continual cybercrime threats.
The event features a line-up of distinguished speakers from the Malta Bankers’ Association, European Central Bank, Malta Financial Services Authority, Central Bank of Malta and the European Banking Federation, amongst others.