Contingency Planning in the event of a financial services network cyber attack
Contingency Planning in the event of a financial services network cyber attack
Following recent denial of service attacks on computer networks at Bank of America, JP Morgan Chase, Citigroup, U.S. Bank, Wells Fargo and PNC, House of Representatives Intelligence Committee Chairman Mike Rogers warned that emerging cyber threats to U.S. financial networks can be traced to nation states including Iran, China and Russia.
According to Committee Chairman Rogers, “What people don’t realize is that we are in war today in cyberspace. And this is the biggest national security threat I can think of that we are not prepared to handle in this country today.”
In this space we have often urged members of the KMRD community to prepare for a cyber event by reviewing their cyber insurance coverage before an attack or intrusion. This coverage can be crucial when dealing with financial and legal consequences.
Before one minute from normal arrives, we must also prepare for business interruptions that would result from a crippled financial network. What will happen if your company is not able to pay bills, access account information, collect payments, withdraw and add to funds, run payroll and perform the many other bookkeeping and financial activities we presently conduct online? Contingency planning today can help your firm hit the ground running tomorrow in the event of a financial network disruption.
KMRD reduces the overall cost of risk for clients by producing a greater value for each insurance dollar spent, while utilizing an enterprise risk management approach to engineer the optimal solution. The firm’s diagnostic process is supported by its unique collaborative technology, KMRD XCHANGE ®
We are dedicated to anticipating risk and helping organizations recover from unplanned events that wait on the other side of one minute from normal.
To learn more about our insurance and risk management solutions, contact us at contactus@kmrdpartners.com before one minute from normal strikes your organization.
