A guiding light for cyber risk management
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.
Connect to a global community through 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. With ORX Cyber, you can become part of a global community working together to improve cyber risk management. ORX Cyber combines cyber event 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.
“In 2019 we started to work with ORX to develop a new product to allow members to share more information and incidents regarding cybersecurity. Although my company already participates in ORX’s general operational risk product [ORX Membership],cybersecurity is different and the need to focus and understand this space is growing exponentially. By offering this new product, ORX allows us to share critical cybersecurity information and ultimately incident data that will be critical to improving our management of cybersecurity risk and also helping to move the industry forward together.”
Vaughn Alliton, MD, Head of Technology Risk & Compliance, TIAA
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