Cyber & IT Supervisory Forum - November 2023

• Quantum Computing Threats: Anticipate the potential for quantum computing to break traditional encryption, urging early adoption of quantum-resistant algorithms. • AI-Powered Attacks: Prepare for the rise of AI-powered cyber attacks that can automate targeting and exploit vulnerabilities at scale. • IoT Device Exploitation: Increased connectivity means more targets for attackers; Emerging

Emerging Cybersecurity Challenges & Preparation for 2024

Guidance for Examiners importance of Asset Management & Compliance: • Asset Management: Emphasize the necessity of maintaining an updated inventory of digital assets for vulnerability management and regulatory compliance. Regulatory Compliance: • Discuss the need for banks to stay ahead of regulatory changes, such as anticipated updates to frameworks in cyber risk that have capital requirements. • Compliance as Strategic Advantage: Positioning regulatory compliance not just as a legal obligation, but as a competitive edge and trust factor in the marketplace

Growing The rate of cybercrime and fraud and aggressive tactics

Evolving • Sophisticated Phishing

Schemes: Increased use of artificial intelligence by attackers to craft personalized phishing campaigns. Ransomware-as-a-Service (RaaS) proliferation, demanding new defensive approaches. • Cloud Security Complexities: Ongoing issues with cloud misconfigurations leading to data exposures and breaches. • Ransomware Evolution:

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Questions

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