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
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:
- Lack of easily available, relevant data
- Lack of clarity and consistency in practice
- Difficulty comparing and benchmarking data and practice
- 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
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...