target audience: TECH BUYER Publication date: Apr 2023 - Document type: IDC Perspective - Doc Document number: # US50507223
New Regulations for Operational Resiliency
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Abstract
This IDC Perspective discusses the new regulations for operational resiliency. The increase in cybersecurity attacks in financial services is posing a significant threat to the safety and soundness of the financial system. For this reason, IDC expects regulatory authorities around the world to increase the amount of guidance and regulation with respect to operational resilience. This increase in regulatory requirements of financial services companies, particularly banks, to track and report on incidents, many due to cybersecurity attacks, conducting testing, risk assessments, and scenario analysis, as well as preparing policy guidance regarding the governance and oversight of operational resilience, will require additional resources. These additional regulatory expectations can be met either through additional technical solutions, staffing increases, or third-party service providers. Each financial institution will have to decide which combination is appropriate for the institution to address the expected increase in guidance and regulation due to the increasing risk in operational resilience.
"How will financial institutions choose to enhance their future operational resilience capabilities in the face of rising risk levels and increasing regulatory expectations?" asked Sean O' Malley, research director, Worldwide Financial Insights: Compliance, Fraud, and Risk Strategic Analytics at IDC.