EP1039: Managing Cyber Risk and Third-Party Dependencies in Financial Services

00:11:38 · Puja Sharma, Grant DuxburyPlay from here

[00:11:38] S0: If if financial institution is reviewing its resilience strategy this year, where should it start? [00:11:45] S1: Uh in my opinion, I'd start with a clear business-led um baseline and ensure that you've got a clearly defined roadmap and a clear strategy for that roadmap that has been communicated across the organization. So obviously, you got to identify the services and what matters most, ensuring that people understand that strategy and roadmap, um, as well as the processes that underpin it and the suppliers that you depend on to deliver that. So, really assessing the organization's preparedness and ability to recover during a disruption. So, from there, um, you know, it's not, you know, boiling the ocean. You want to prioritize the gaps and address them in order of priority and not try to just fix everything at once. So having kind of a practical remediation plan against that makes it easier for the organization to adapt. So one thing that uh we believe in strongly is mapping the people, process, and technology, um, as well as understanding the facilities in question and the suppliers that support those processes. And then the other thing is is obviously continually improve and and ensure you have a repeatable process for improvement. [00:13:05] S0: Grant Duxbury Risk and Resilience Specialist 1111 systems.