The TM Bulletin July 2024
Thomas Murray
Global Risk Intelligence | Safeguarding clients and their communities since 1994
Welcome to our latest Bulletin, with insightful content from the experts at Thomas Murray. This issue covers crucial topics such as correspondent monitoring, cyber security, and private equity. Among other important topics, our recent articles delve into:?
·??? the importance of?litigation readiness in the wake of a cyber?incident;?
·??? the?current status of DORA’s technical standards; ?
·??? expert tips for private equity firms looking to enhance their?cyber resilience;?and
·??? what the Microsoft outage can teach us about?concentration and supply chain risks.?
Stay ahead of the curve with expert advice and industry updates.
Working with cutting-edge technology and in the fields of cyber security and global finance always provides us with plenty to talk about and interesting perspectives from our experts. If there’s something you’d like to know more about, we welcome your feedback and suggestions for future editions:?[email protected] ?
Cyber Risk and Funds Services
Five minutes with the private equity cyber security experts
The worldwide Microsoft outage on 19 July 2024 put many organisations on notice – regardless of whether they were directly affected or not. For PE firms, with their complex IT environments and multiple stakeholders, cyber security should be a key consideration.?
We asked?Ed Starkie, Director, Governance, Risk, and Compliance, and?Ben Hawkins, Senior Analyst, both of our Cyber Risk team, to run through the current state of cyber security for private equity, and what firms can do to strengthen and enhance their security.?
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Correspondent monitoring
A safeguard against the worst-case scenario
Correspondent banking plays a vital role in the global financial system, though it does carry significant risks –?mainly related?to money laundering and financing illegal activities.
That’s why correspondent monitoring is an essential part of banking relationships and the risk management process.?Caroline McCreadie,?Director, Cash of our Global Network Management team, explains the possible consequences for banks that neglect to take a risk-based approach to their correspondent relationships.
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Regulatory compliance
DORA’s technical standards: Know your RTS and ITS
With only five and a half months to go until the Digital Operational Resilience Act (DORA) takes full effect, the technical standards are being put in place ready for the deadline. The first tranche of DORA’s technical standards has now been finalised, and the European Commission (EC) adopted them without making any changes.?
Shreeji Doshi?and?Ed Starkie?bring us?up-to-date?on the?current status?of DORA’s regulatory technical standards (RTS) and implementing technical standards (ITS).
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领英推荐
eDiscovery and digital forensics
Litigation readiness: the key to navigating the aftermath of a cyber incident
Legal action tends to follow in the wake of a cyber incident, but preparing for lawsuits is an aspect of cyber defence that many organisations neglect.?Martin Nikel, Director of eDiscovery and Litigation Support, always highlights the importance of timely data preservation to clients.?
In this?edition of?Cyber Series, Martin explains why?it's?essential to preserve data, including communications before, during, and post-breach, as soon as?litigation becomes a possibility.??
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Supply chain and concentration risks
Understanding supply chain and concentration risks in cloud services
We continue to grapple with the global Microsoft outages caused by a software update made by Microsoft’s cloud supplier on Friday, 19 July.?
Ed Starkie goes behind the headlines to find out what organisations and regulators can learn from this major cyber event, and why – despite concentration risk – organisations using major third-party suppliers need to think carefully before looking for smaller alternative providers. Amidst all the chaos, Ed also finds cause for optimism in the swift response of the tech community.
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In case you missed it
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For more industry insights, check out our newsletters
Cyber Series - Go behind the headlines with a weekly deep-dive into what’s shaping our digital world.
DORA Digest - Expert insights and analysis to help you on the DORA compliance journey.
Risk Committee Updates - Monthly highlights from our experts’ assessments of markets and entities.