July 16, 2024
By Mike Davies
Norman Broadbent Plc recently hosted an intimate breakfast event tailored specifically for Chief Risk Officers and Senior Risk Leaders within retail and private banking, wealth, and asset management.
This exclusive gathering, led by Mike Davies, Partner within the Financial Practice at Norman Broadbent, provided a unique platform for high-level discussions on the pressing issue of cyber risk. The highlight of the event was a compelling presentation by Adam McElroy, a distinguished figure in risk advisory and currently the Group Head of Cyber Risk for the Bank of Ireland.
The event underscored the harsh reality that cyber breaches are an unavoidable aspect of the modern digital landscape. Adam McElroy's extensive experience in transformational change within multi-national organisations equipped him with unique insights that he shared with the attendees. His session was both enlightening and thought-provoking, addressing critical topics that shape a CRO’s approach to cybersecurity. The discussions revolved around three pivotal questions: What value does security add to your brand? What risks might your clients inadvertently pose to your business? How are you gearing up to protect private client data in a post-quantum world?
Key Takeaways:
Adam offered actionable strategies and perspectives on managing cyber risk in today’s complex environment. Some of the key takeaways from his session included:
Security as a Brand Proposition: Security is no longer just a technical requirement but a core and integral component of a brand’s value proposition. In a digital economy where consumers have numerous choices, providing a safe, secure, and trusted experience is crucial for attracting and retaining clients. But it’s a team effort, and building a trusted brand requires collaboration across the organisation. Security is more than an IT issue; it is a collective responsibility involving every department and stakeholder.
Managing Third-Party Risks: Ensuring the security of your supply chain is vital. This involves managing risks associated with vendors, outsourcers, service providers, and even clients. Effective third-party risk management extends both upstream and downstream from your organisation, ensuring that all partners adhere to stringent security standards.
Preparing for the Post-Quantum World: With the advent of quantum computing, traditional encryption methods will soon become obsolete. Organisations must start preparing now to protect and future proof client data in a post-quantum world. This involves staying ahead of technological advancements and implementing the necessary security measures to safeguard sensitive information.
Conclusion:
Our breakfast event provided a rich exchange of ideas and strategies among industry leaders. Adam McElroy’s insights underscored the importance of integrating security into the very fabric of an organisation’s brand and operations. As cyber threats continue to evolve, the role of Chief Risk Officers and Senior Risk Leaders becomes increasingly critical in steering their organisations towards a secure future.
We extend our gratitude to Adam McElroy and to all the attendees for their active participation.