How can you ensure your bank's risk culture is resilient to cyber threats?

1 Define your risk appetite

The first step to building a resilient risk culture is to define your risk appetite, or the level and type of risk that you are willing and able to accept in pursuit of your strategic objectives. Your risk appetite should reflect your bank's vision, values, and competitive advantage, as well as the expectations of your stakeholders, regulators, and customers. Your risk appetite should also be aligned with your business strategy, risk capacity, and risk management capabilities. By defining your risk appetite, you can communicate clearly what types of risks are acceptable and unacceptable, and how they should be measured, monitored, and controlled.

2 Educate and empower your staff

The second step to building a resilient risk culture is to educate and empower your staff, or the people who are responsible for identifying, assessing, and mitigating cyber risks on a daily basis. Your staff should be aware of the potential sources, impacts, and indicators of cyber threats, as well as the policies, procedures, and tools that are available to prevent and respond to them. Your staff should also be empowered to escalate and report any cyber incidents or issues, and to suggest improvements or innovations that can enhance your cyber resilience. By educating and empowering your staff, you can foster a culture of learning, collaboration, and ownership.

3 Embed cyber risk in your governance

The third step to building a resilient risk culture is to embed cyber risk in your governance, or the structures, processes, and roles that oversee and direct your risk management activities. Your governance should ensure that cyber risk is integrated into your overall risk framework, and that it is aligned with your risk appetite and strategy. Your governance should also assign clear roles and responsibilities for cyber risk management, and provide adequate resources, guidance, and oversight. Your governance should also monitor and evaluate your cyber risk performance, and provide feedback and incentives to drive continuous improvement. By embedding cyber risk in your governance, you can ensure accountability, transparency, and consistency.

4 Engage with your stakeholders

The fourth step to building a resilient risk culture is to engage with your stakeholders, or the parties that have an interest or influence in your bank's cyber risk management. Your stakeholders may include your customers, regulators, suppliers, partners, investors, media, and the public. Your engagement should aim to inform, consult, and collaborate with your stakeholders on cyber risk issues, and to solicit their feedback and expectations. Your engagement should also aim to communicate your cyber risk strategy, policies, and practices, and to demonstrate your commitment and capabilities. By engaging with your stakeholders, you can build trust, reputation, and resilience.

5 Learn from your experiences

The fifth step to building a resilient risk culture is to learn from your experiences, or the events and incidents that test your cyber risk management effectiveness. Your experiences may include cyber attacks, near misses, audits, reviews, or simulations. Your learning should involve analyzing the root causes, impacts, and lessons of your experiences, and identifying and implementing actions to prevent or mitigate future occurrences. Your learning should also involve sharing and disseminating your knowledge and best practices across your organization and with your stakeholders. By learning from your experiences, you can enhance your cyber risk awareness, preparedness, and response.

6 Adapt to your environment

The sixth and final step to building a resilient risk culture is to adapt to your environment, or the external and internal factors that affect your cyber risk profile and exposure. Your environment may include technological changes, regulatory developments, customer preferences, market trends, or competitor actions. Your adaptation should involve scanning and assessing your environment for emerging or changing cyber threats and opportunities, and adjusting your cyber risk strategy, policies, and practices accordingly. Your adaptation should also involve innovating and experimenting with new or improved cyber risk solutions and approaches. By adapting to your environment, you can maintain your cyber risk relevance, competitiveness, and sustainability.