Digital Resilience Cyber Event - A review
Earlier this month ORIC International held their annual Digital Resilience Cyber event. The event brought together senior business leaders, CISO’s and senior operational risk professionals to discuss digital resilience and benefit from a panel of experts which included representation from the FCA.
Robert Duncan, ORIC Board Member and CISO of DirectLine Group, hosted the event and provided insight into how firms need to be better prepared for cyber-attacks and breaches, and the consequences of this. Michael Sicsic, Head of GI supervision at the FCA, gave a regulatory view on how firms must look beyond the recovery of systems and focus on the outcomes for end users of their services. This was followed by Jeff Hudson, CEO of Venafi, who educated the audience on the importance of understanding machine identities and the associated vulnerabilities of modern cloud-based system infrastructure. Elke Bachler, CISO of Hiscox, provided an insight from the perspective of a CISO and the role the position plays within an organisation and the importance of communication between boards, CIO’s and CISO’s. Finally, Ameet Jugnauth, also of Direct Line Group, explained the importance of diversity and how it plays a pivotal role in the resilience of teams.
Each of the panellists then provided their views and insights into how firms can build more resilient frameworks by applying a broader focus on operational resilience and looking beyond ‘just Cyber’. Engagement between Boards, Executives and subject matter experts was also noted as an area for improvement, with Boards requiring a better understanding of the threat of cyber-attacks and how they can best prepare for a breach when it inevitably occurs. Furthermore, the panellists indicated that the severity of a breach and how well a firm can recover is ultimately determined by the robustness of the digital resilience framework in place.
If you’d like to know more about digital resilience, operational resilience frameworks, or operational risk, please contact a member of the ORIC International team.