Cybersecurity: Risks and management of risks for global banks and financial institutions

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Abstract: The frequency, severity and sophistication of cyberattacks against global financial institutions continues to increase, even though the vast majority of such breaches remain unreported. Financial institutions need to embark on a holistic risk management strategy if they are to combat effectively the renewed threat, ensuring that a tripartite approach that embraces rigorous internal procedures, the adoption of external professional support and the utilisation of appropriate insurance cover is in place. In particular, working in tandem with the insurance market here can play a key role in not just offsetting costs when an event happens at a financial institution, but in preventing an attack in the first place and responding correctly to mitigate when cybersecurity does fail.

Keywords: cyber risks, cybersecurity, cybercrime, malware, risk management, intelligence

Mark Camillo joined AIG in 2001 and is Head of Cyber, EMEA, having previously led the cyber team for the Americas. He has held positions across the organisation, including the Affinity Group, Accident & Health, Professional Liability and the Fidelity team. Prior to AIG, Mark worked in sales, marketing and product development for Dun & Bradstreet (D&B) and SITEL Corporation. He has an MBA from SUNY Buffalo and a BSc from the University of Wyoming.