New technologies often bring with them new vulnerabilities, and in this period of rapid innovation, banks’ need to manage the associated operational risks is the most urgent, a top U.S. banking official advised this week.
Speaking before the American Banker Regulatory Symposium in Arlington, Va., Martin J. Gruenberg, chairman of the Federal Deposit Insurance Corp. (FDIC), noted in his prepared remarks the growing importance cybersecurity is playing in risk management.
“We all know that the continual adoption of new technologies has long been a vital part of maintaining the competitiveness of financial institutions in a rapidly changing marketplace,” he said. “Whether a community bank, a regional, or a mega-bank, they are continually making strategic investments in new information technologies that can help serve their customers, manage risks, and improve efficiencies.”
Risk never stops