All relevant stakeholders should consider not only protecting banks and financial systems from cybercrime but also becoming aware of the links of other technologies and channels that may pose a systemic risk, Marcel Cassar, Chair of the Malta Bankers’ Association (MBA) and CEO of APS Bank Plc, said during the MBA’s recently-organised half-day conference on cyber risk in the banking industry.
“The management of cyber risk in banks is much more than an IT [information technology] discussion. We know from experience that the five most efficient cyber defenders are basic to any risk management solution. They are anticipation, education, detection, reaction and resilience,” Mr Cassar said.
Following Mr Cassar’s opening speech, Daniela Bagnaschi, Head of Data Management and Business Intelligence at the Malta Financial Services Authority (MFSA), drew ties between the MFSA’s vision and plans for risk mitigation in the cyberspace and elaborated on the crucial aspects of the triad comprising People, Process and Technology, as well as its impact on the cyber resilience framework of regulated entities.
“This event was an important one as it emphasised the need for wider stakeholder involvement in raising awareness on the various cyber risks in the banking industry, but also the financial services sector in general. Likewise, the involvement of all stakeholders is required in the mitigation of these ever-growing and evolving risks,” said Karol Gabarretta, Secretary-General of the MBA.
The association tagged the event as “successful” and one that “achieved its aims”. More than 100 participants attended the conference.