Cyber Risk Management: How to manage risks?

Did you know that every year, 8 out of 10 companies are affected by cybersecurity attacks, representing a loss of €2.25M on average for large French companies and €240,000 for French SMEs. So how do we manage these risks?

Cyber risk management, a not so new component of operational risk!

In recent years, the digitalisation of companies and the outsourcing of data have greatly increased the exposure of financial professionals to cyber risk. Even though it has invested in defence solutions, the financial sector is still a favourite target for hackers.

Whether we are talking about the loss of sensitive (strategic or customer) data, financial leakage, espionage, crashing or corruption of information systems (physical or not), it is noted that these risks are relatively close to operational risks. Formerly confined to a qualification of “human risk”, operational risks have now been identified and quantified for several years by companies in the financial sector, in the same way as financial risks.

While the defence technologies differ between cyber risk and traditional operational risk, the risk management methodology remains the same.

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