While many individual directors and officers identify cyber risk as a top issue, few bank boards spend time addressing scenarios or developing plans should a hack, breach or attack occur. NEW at this year’s Bank Audit & Risk Committees Conference, Sai Huda, Senior Vice President and General Manager of Enterprise, Governance, Risk & Compliance (EGRC) at FIS, provided an afternoon series of simulations designed to walk board members and executives through real-life scenarios. Prior to, and following, each simulation, attendees received an executive-level presentation that laid out current best practices to help boards better understand — and prepare for — cyber security issues like:
- What are the high risk threat vectors;
- What internal controls work and which are a waste of money;
- What key risk indicators and key performance indicators must be reviewed at the board and executive level; and
- What questions should be asked to exercise your fiduciary duty.
It is not a question of if, but when, you will have a breach or a cyber incident. At a bank’s senior-most level, responsibility for preparing for emerging risks is critical. This special series of simulations provided a “safe” look at what’s happening in an unsafe part of banking.
AGENDA | WEDNESDAY | JUNE 10
12:30 p.m. – 1:15 p.m.
1:15 p.m. – 1:45 p.m.
Session I: Introduction to Cyber Risk
1:45 p.m. – 2:45 p.m.
Simulation I: Your Chairman Calls You at 2 a.m. with Some Bad News…
During the first simulation, attendees are broken into 3 boards of 12 people and given 45 minutes to discuss what to do. Each board presents their approach and is “graded” by FIS and their peers. Feedback on what was done right, and what was overlooked is provided.
2:45 p.m. – 3:00 p.m.
3:00 p.m. – 3:30 p.m.
Session II: Additional Issues to Consider
3:30 p.m. – 4:30 p.m.
Similar to the first simulation, attendees will once again be broken into groups to review another “cyber threat”.
4:30 p.m. – 5:00 p.m.
Session III: Key Questions to Begin Asking At Your Board Meetings and Other Hot Topics
5:00 p.m. – 6:00 p.m.
Cocktail Reception for Peer Exchange, Primer, Workshop + Conference Attendees
Sponsored by: WeiserMazars LLP