evolving nature of cyber security risks

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1 Managing the evolving nature of cyber security risks NatWest Trustee & Depositary Service Fund Management Industry Conference 21 April 2016

2 Agenda 1. Overview of the cyber security landscape 2. Cyber security capability model 3. Q&A 2

3 Cyber security landscape

4 Assets at risk THEFT OF CLIENT INFORMATION Names and contact info NI numbers Investment details THEFT OF INTELLECTUAL PROPERTY Investment strategy Business plans Allocations WHAT ARE WE TRYING TO THEFT OF CORPORATE DATA Employee data Payroll data DENIAL OF SERVICE Access to funds Communication channels PREVENT? SUPPLIER COMPROMISE Administrators Service providers IT suppliers FRONT RUNNING TRADES / DATA MANIPULATION 4

5 Threats ORGANISED CRIME GLOBAL, DIFFICULT TO TRACE AND PROSECUTE Motivation: Financial advantage Impact to business: Financial loss COMPETITORS COMPETITION OR RIVALRY Motivation: Gain business edge Impact to business: IP theft, reputation damage WHO WOULD TARGET YOU AND WHY? THE INSIDER INTENTIONAL OR UNINTENTIONAL Motivation: Grudge, financial gain Impact to business: Distribution or destruction, theft of information, reputation loss HACKTIVISM HACKING INSPIRED BY IDEOLOGY Motivation: Shifting allegiances dynamic, unpredictable Impact to business: Public distribution, reputation loss STATE-SPONSORED ESPIONAGE AND SABOTAGE Motivation: Political advantage, economic advantage, military advantage Impact to business: Disruption or destruction, theft of information, reputational loss 5

6 Regulatory focus Non-compliance fines of up to 4% of annual turnover US REGULATORS EUROPEAN REGULATORS UK REGULATORS NIST Cyber security Framework Concerns over systemic risk Critical infrastructure protection State regulation New York SEC Questionnaire Networks and Information Security Directive EU General Data Protection Regulation (GDPR) Joint Committee Report on Risks and Vulnerabilities in the EU Financial Systems 2015 PRA Dear CEO letter CBEST Vulnerability Testing Framework Community response Cross-industry exercises Data Protection Act / Information Commissioners Office Cyber security & resilience capabilities Cyber insurance Conduct INCREASINGLY COMPLEX AND FRAGMENTED REGULATORY LANDSCAPE 6

7 Impact WHAT WILL THIS MEAN? Financial loss Share price Reputational damage Loss of investor and customer confidence CEO exposure Regulatory scrutiny Loss of competitive advantage Missed business opportunities Business disruption Management focus Expensive transformation programme 7

8 Low Business Impact Medium High Principles of effective cyber risk management Any approach to manage cyber risk should be: Proportionate to level of risk within the organisation Net Risk Net Risk Gross Risk Aligned with other business activities Net Risk Gross Risk Comprehensive, systematic and structured Embedded within business processes Gross Risk Dynamic, iterative and responsive to change Net Risk Low Medium Likelihood High 8

9 Building a cyber security capability

10 Foundations Understanding Planning and control Implementation KPMG s cyber security capability model People Processes Technology Portfolio, Program and Project Management Vendor & Supplier Management Risk Management Compliance Business Strategy and Goals Assets Intelligence Regulatory Environment Governance Ownership Accountability Policy Funding & Sponsorship 10

11 Detect Protect Respond Recover Identify NIST cyber security framework Recovery Planning Improvements Communications Response Planning Communications Analysis Mitigation Improvement Anomalies and Events Security Continuous Monitoring Detection Processes RECOVER RESPOND IDENTIFY CYBER SECURITY FRAMEWORK DETECT PROTECT Asset Management Business Environment Governance Risk Acceptance Access Control Awareness and training Data Security Information Protection Processes and Procedures Maintenance Protective Technology 11

12 Summary

13 What did we cover? Crown jewel information assets are at risk Threats are continuously evolving Regulatory landscape is increasing complex A cyber breach can have a significant impact on a business Cyber is a business risk; not an IT issue Board level ownership of cyber risk is required A risk based approach for cyber security can be effective Cyber risk extends to third parties Control is implemented through people, process & technology Cyber security is much more than just protection 13

14 Matthew Martindale Director, Cyber Security Tel: The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation KPMG LLP, a UK limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a The KPMG name and logo are registered trademarks or trademarks of KPMG International.

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