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Hacker attacks are shaking up the international financial market

The International Monetary Fund (IMF) has recently warned about the dangers that cyberattacks are placing on global financial stability. In a paper released on 8 August 2017, the organization reported on the growing frequency and cunningness of such attacks.

Disruptions and failures caused by hackers could shake up the entire global financial system. Today, banks of all sizes are affected by threats to their payment systems, especially due to the close ties within the sector. Economic factors play a more significant and visible role than ever before. Annual damages caused by cyberattacks are estimated between 250 billion and one trillion U.S. dollars.

According to the experts at IMF, insufficient standards for managing risks pose a problem. A reliable system for reporting cyberattacks and threats as well as comprehensive, certified software are essential. Bank supervisors also need to adopt new practices more quickly as well as interpret and design their monitoring controls more flexibly. 

Laut IWF-Experten stellen besonders die unzulänglichen Risiko-Management Standards eine Schwierigkeit dar. Ein verlässliches Meldesystem für Cyberangriffe- und Bedrohungen sowie eine zertifizierte und umfassende Software seien entscheidend. Zudem müssten sich Bankenaufseher schneller auf neue Praktiken einstellen und ihre Überwachungskontrolle flexibler interpretieren und gestalten.

Risk management with risk2value from avedos

The software platform risk2value fulfills the complete range of requirements for governance, risk and compliance (GRC). Companies can map and integrate many different processes and use cases in a flexible, efficient enterprise management system. It enables a complete integrated view across traditional GRC domains including riskcontrolauditsecurity and compliance as well as further systems for managing strategy (implementation), quality and sustainability. Companies can flexibly configure the processes in risk2value to make tailor-made GRC solutions. The software is suitable for the varying needs of midsize companies and large international corporations alike.

DekaBank, Hypo Vereinsbank, LGT and other leading banks rely on software from avedos. Thanks to its vast expertise in the banking industry, the GRC expert can implement highly individual solutions for very specific requirements in risk management.


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