We present Risk.net’s annual ranking of the biggest op risks for the year ahead, based on a survey of operational risk practitioners across the globe and in-depth interviews with a selection of industry personnel. The risks are listed in order of magnitude of threat, with this year’s largest risk being data compromise.
#1: Data compromise
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The threat of data loss through cyber attack, combined with an awareness among managers that defences are vulnerable, has made data compromise a perennial concern for op risk practitioners of all stripes. But the advent of strict new data protection regulation has intensified those fears, helping propel the category to the top of our annual survey for the first time.
Collecting multiple datasets and storing them in one place presents a single, tempting target for hackers. Companies have responded by compartmentalising data and storing it across several locations in an effort to reduce the potential loss from a single breach.
“You have to assume hackers will get through, and what do you do then? It can be just making sure you are storing data…