Risk Day 2022 - Cyber Security: Financial Risks and Solutions
In recent decades, processes in the financial system have become increasingly more digitalized, relying critically on the confidentiality and integrity of data and systems, and resilient communications technology infrastructure. Financial institutions, market participants, and regulators are required to carefully consider the risks of disruptions through cyber incidents. In recent decades, such incidents have become more frequent and increasingly costly and damaging.
The 2022 Financial Risk Day examined recent developments in the financial sector with regard to cyber-related risks. The welcome address was given by Professor Leonie Tickle, Deputy Dean Research and Innovation of Macquarie Business School. Then experts from industry, regulation and academia discussed how to appropriately identify, measure and manage cyber threats and how to develop solutions to enhance cyber security in the financial industry.
A regulatory view on cyber risk and resilience to cyber threats in the financial industry was shared by Rachel Howitt (ASIC) and John Singh (APRA). Alberto Piccenna (AON) and Quinton Kotze (Chubb) gave presentations on assessing cyber-related risks in the evolving cyber threat landscape from the perspective of the insurance sector. Richard Johnson (Westpac) shared insights on cyber risk management from the banking industry and how a coordinated defence and collaboration can become a cornerstone in cyber security. Prof Dali Kaafar (Executive Director of Macquarie University Cyber Security Hub) gave a talk on privacy preservation methods.
During a cybersecurity showcase session, presented by researchers of Macquarie University’s Centre for Risk Analytics, Prof Zhuo Jin, Prof Stefan Trueck and Prof Pavel Shevchenko provided insights on their recent projects in the area of cyber risk management.
A panel discussion on Cyber Security: Financial Risks and Solutions was moderated by David Orsmond, Professor of Economics at Macquarie Business School. Panel discussants included Richard Johnson (Westpac), Alberto Piccenna (AON) and John Singh (APRA).
Closing remarks by the Co-Director of the Centre for Risk Analytics, Professor Pavel Shevchenko were followed by a cocktail reception at the end of the event. Please visit our Financial Risk Day website for further information.