Cyber risk management should be part of business strategy, feel experts

Cyber risk, besides a huge financial risk, can translate into a huge reputational risk and hence should be addressed as a part of the business and corporate strategy rather than leaving to a single IT Department or jurisdiction, feel the experts.

Explaining the gravity of the issue, MK Bhattacharya, Executive Director, Indian Bank, said: "This unknown cyber risk, transcending beyond the geographical and time zone dimensions, today poses the biggest challenge before the banking and financial industry."

The highly participative panel discussion, moderated by AV Murali, Standard Chartered Bank, during a seminar on 'Information and Cyber Security: Opportunities and Threats' organised by the Professional Risk Managers' International Association (PRMIA), composed of industry experts like Vittal Raj, Head Business Risk Assurance-Pristine, Arjun Prathap-Director, Risk Advisory Practice, Deloitte, PS Shibu, CISO, Indian Bank and S Venkataraman, Lead-Credit Risk, Tata Consultancy Services.

According to a statement issued on Friday about the recently held event, Ken Radigan, CEO, PRMIA, threw light on the fast-changing risk management at global landscape and how India is at the top of agenda of PRMIA, a non-profit global association managed by volunteers in risk management community.

Dr Nirakar Pradhan, Director and Asia Pacific Representative, PRMIA, in his opening remarks touched upon different facets of cyber risk management.