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ORX Cyber:
A guiding light for cyber risk management

Is your organisation trying to manage cyber risk in the dark without the right data and industry insights? Building on the work we have been doing over the past 18 months, we are pleased to be offering a new service to our members, ORX Cyber.

Why focus on cyber risk?

Cyber risk is increasing across all industries, and the financial sector is no exception. It has consistently been in the top two operational risks facing financial firms in our annual risk horizon studies since 2018. We understand that cyber risk costs your firm money and can prevent you from achieving your business goals. That's why we created ORX Cyber. 

About ORX Cyber

ORX Cyber is a unique operational risk management service created specifically for cyber and information security risk professionals in the second line of defence. ORX Cyber combines loss data exchange with collaboration and research to provide second line practitioners with the insights and information they need to effectively manage and measure this key risk. The service has grown out of the pilot programme that we've run with our membership since 2019 and is currently only available to existing ORX members.

With ORX Cyber financial firms can

Become part of a global community developing cyber risk management

Access a trusted source of cyber and information security risk event data

Understand your risk exposure and see how it compares to your peer group

Improve your practice by learning from other financial organisations

Enhance your scenarios and models with more focused data

Understand the latest industry trends through data and analysis

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    Why is managing cyber and information security a challenge?

    Through our work with banks and insurers around the world, we identified four main obstacles that are currently hindering cyber and information security risk management:

    1. Lack of easily available, relevant data
    2. Lack of clarity and consistency in practice
    3. Difficulty comparing and benchmarking data and practice
    4. Multiple and conflicting industry frameworks

    ORX Cyber is designed to break down these barriers, enabling more effective and efficient cyber risk management. This ultimately helps the second line to support the business to achieve their strategic goals in a safe and sustainable way, and protects your customers, shareholders and reputation from the damaging effects of cyber attacks.

     

    Overcome these challenges with ORX Cyber through

    Cyber event data exchange
    Get a fuller understanding of cyber events through secure data exchange for all participants
    Sharing & documenting practice
    Share, benchmark and learn from each other's practice to find better ways of managing cyber risk
    Research studies & white papers
    Research and thought leadership focusing on the areas of cyber most important to you
    Collaboration & networking
    Share knowledge and experiences with your peers and work together to improve cyber risk management

    Controls and indicators library

    The first of its kind, this library will be included in ORX Cyber and allows you to compare and benchmark your cyber risk management controls and indicators against those of your peers. The library will help you identify effective controls and indicators for cyber and information security risk management. You can also use it to support the effective allocation of IT budget.

    ORX Cyber resources

    Because this new service has grown out of work we've been doing for the last couple of years with our members, we already have a number of outputs and resources that you can access. Explore them below...

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    Latest news
    Top 5 cyber risks and how they've changed in the pandemic
    Melanie Lavallin
    17 September 2020
    A recent ORX study showed that cyber and information security risks have changed as a result of coronavirus. We surveyed cyber experts in our operational risk community to find out more - here are the top 5 level 2 cyber risks.
    Blog
    What impact is coronavirus having on cyber risk profiles?
    Steve Bishop
    20 April 2020
    Find out how of coronavirus (Covid-19) is affecting a financial firm's cyber risk profile. Key impacts include an increase in cyber attacks, the vulnerabilities of working from home and third and fourth party risks.
    ORX Cyber
    Cyber risk management controls & indicators
    Melanie Lavallin
    28 February 2020
    How is the industry implementing controls and indicators for cyber risk management? And what makes an effective indicator or control? Read the report from our study to find out.
    ORX CISR programme
    ORX Cyber
    Roles and responsibilities in cyber and information security risk management
    Melanie Lavallin
    24 September 2019
    We surveyed 25 financial institutions establish where cyber and information security risk management responsibilities sit across the three lines of defence, and to identify those areas where there is confusion. See what we found out.
    More cyber resources

    Want to know more?

    If you'd like to more about ORX Cyber, please get in touch with us.

    Contact ORX