If you have ever worked in or around #payments and #PaymentSystems, and your #OperationalRisk antenna isn’t buzzing, it’s because it’s broken, and you should get it checked out.
https://fed.brid.gy/r/https://bsky.app/profile/did:plc:nztbvvo2gl4227zuxjf7gog3/post/3lhc3frnrbc2w

Are ships today more vulnerable to cyber attacks due to increased connectivity to their systems?

🚢 In our latest blog post, Andrew Tierney explains the potential risks associated with systems such as the Power Management System (PMS)⚡ and Integrated Alarm and Monitoring System (IAMCS), which are responsible for controlling the power generation and other machinery onboard.

⚠️ The consequences if these are hacked? Blackouts, increased crew workload, and potential loss of control during manoeuvres - especially risky in busy waterways. While hackers taking full remote control of a vessel is unlikely, disruptions to these systems are a genuine concern due to rising automation and inadequate network segmentation.

🛳️ Dynamic positioning vessels and cruise ships have even more complex, integrated systems. Inadequate network isolation among systems like dynamic positioning, safety management systems, and voyage data recorders can allow a hacker to impact multiple systems at once, making recovery far more challenging.

👉 Find out Andrew Tierney's full thoughts and breakdown on how cyber attacks could disrupt modern ship operations in our latest blog: https://www.pentestpartners.com/security-blog/cyber-threats-to-shipping-explained/

#MaritimeCybersecurity #PMS #IAMCS #NetworkSegmentation #OperationalRisk #CyberAwareness #CyberSecurity #ShipCyberSecurity #MaritimeSecurity

John Lonsdale speaks on CPS230, Australia's new and upcoming prudential standard.

APRA today confirmed the op risk standard has been finalised and will be applicable to Australian insurers, banks, and supers from July 1st, 2025.

https://reinasia.com/australian-regulator-finalises-new-prudential-standard-to-strengthen-op-risk-safety-net/

#insurance #insurancenews #apacinsurance #asiainsurance #regulation #oprisk #operationalrisk #cps230

NCUA Chairman Todd M. Harper Remarks at the 2023 Governmental Affairs Conference, National Credit Union Administration, February 27, 2023

— Available here: https://ncua.gov/newsroom/speech/2023/ncua-chairman-todd-m-harper-remarks-2023-governmental-affairs-conference

#fintech #banking #financialservices #payments #digitalfinance #digitalpayments #regulation #supervision #prudentialregulation #riskmanagement #operationalrisk #operationalresilience #thirdpartyrisk #cyberrisk #cybersecurity #consumerprotection #financialinnovation #NCUA #creditunions

Single Resolution Board Chair Dominique Laboureix, The role of the SRB and its priorities for the coming months, February 24, 2023

— Available here: https://www.srb.europa.eu/en/content/role-srb-and-its-priorities-coming-months-florence-financial-regulation-and-governance-bank

#cryptoassets #digitalassets #banking #digitalfinance #financialmarkets #digitalinfrastructure #regulation #supervision #prudentialregulation #riskmanagement #operationalrisk #operationalresilience #cybersecurity #financialstability #Europe #Eurosystem #EuropeanCentralBank #Euroarea #DORA #DiFi #SRB #SingleResolutionBoard

Highlights of the Bank of Israel work plan for 2023, Bank of Israel, February 2023

— Available here: https://www.boi.org.il/media/vc5odx1n/2023-highlights-of-the-bank-of-israel-work-plan-for-2023.pdf

#digitalShekel #CBDC #digitalcurrency#fintech #banking #financialservices #payments #digitalfinance #financialmarkets #digitalinfrastructure #paymentsystems #digitalpayments #crossborderpayments #PFMI #regulation #supervision #prudentialregulation #riskmanagement #operationalrisk #AML #CFT #compliance #Israel #BankofIsrael #centralbanks

Cyrus Minwalla, John Miedema, Sebastian Hernandez, Alexandra Sutton-Lalani, A central bank digital currency for offline payments, Bank of Canada Staff Analytical Note 2023-2, February 2023

— Available here: https://www.bankofcanada.ca/2023/02/staff-analytical-note-2023-2/

#CBDC #digitalcurrency #rCBDC #OfflineCBDC #fintech #banking #financialservices #payments #offlinepayments #paymentsystems #riskmanagement #operationalrisk #operationalresilience #cyberrisk #compliance #financialinclusion #financialinnovation #BankofCanada #Canada

Reserve Bank of Australia, Payments System Board Update: February 2023 Meeting, February 16, 2023

— Available here: https://www.rba.gov.au/media-releases/2023/mr-23-05.html

#CBDC #digitalcurrency #paymentsystems #regulation #financialservices #banking #financialmarketinfrastructure #FMI #financialstability #riskmanagement #paymentservices #operationalrisk #operationalresilience #riskmanagement #ReserveBankofAustralia #centralbanks #Australia

Financial Stability Board, The Financial Stability Risks of Decentralised Finance, February 16, 2023

— Available here: https://www.fsb.org/wp-content/uploads/P160223.pdf

#DeFi #DecentralizedFinance #cryptoassets #digitalassets #stablecoin #digitalcurrency #distributedledger #tokenization #smartcontracts #riskmanagement #banking #financialservices #payments #regulation #AML #CFT #compliance #operationalrisk #thirdpartyrisk #cybersecurity #financialstability #prudentialregulation #supervision
#FinancialStabilityBoard

European Central Bank Banking Supervision, Banks’ digital transformation: where do we stand?
February 15, 2023

— Available here: https://www.bankingsupervision.europa.eu/press/publications/newsletter/2023/html/ssm.nl230215_2.en.html

#digitaltransformation #digitalfinance #regulation #supervision #riskmanagement #operationalrisk #strategicrisk #thirdpartyrisk #cloudservces #banking #financialservices #payments #EuropeanCentralBank #Euroarea #Europe

Remarks by Assistant Secretary for Financial Institutions Graham Steele Before the Exchequer Club of Washington, D.C., U.S. Department of the Treasury, February 15, 2023

— Available here: https://home.treasury.gov/news/press-releases/jy1277

#cryptoassets #digitalassets #stablecoin #digitalcurrency #bigtech #cloud #fintech #riskmanagement #consumerprotection #dataprivacy #banking #financialservices #payments #regulation #AML #compliance #operationalrisk #thirdpartyrisk #cyberrisk #cybersecurity #supervision

ECB Banking Supervision, Take-aways from the horizontal assessment of the survey on digital transformation and the use of fintech, February 15, 2023
https://www.bankingsupervision.europa.eu/ecb/pub/pdf/Takeaways_horizontal_assessment~de65261ad0.en.pdf

#fintech #mobilepayments #digitalstrategy #digitaltransformation #digitallending #cloud #dlt #AI #regulation #supervision #riskmanagement #operationalrisk #strategicrisk #governances #MiCA #banking #financialservices #payments #EuropeanCentralBank #Eurosystem #Euroarea #Europe

European Central Bank Banking Supervision, Crypto-assets: a new standard for banks, February 15, 2023

— Available here: https://www.bankingsupervision.europa.eu/press/publications/newsletter/2023/html/ssm.nl230215_1.en.html

#cryptoassets #digitalassets #digitalcurrency #stablecoins #tokenization #capitalrequirements #riskweights #regulation #supervision #riskmanagement #operationalrisk #stresstests #MiCA #banking #financialservices #payments #AML #compliance #financialstability #EuropeanCentralBank #Eurosystem #Euroarea #Europe

Commissioner Christy Goldsmith Romero, Adjusting the Sails for Cyber and Climate Resilience, Commodity Futures Trading Commission, February 10, 2023

— Available here: https://www.cftc.gov/PressRoom/SpeechesTestimony/oparomero6

#cyberrisk #cyberresilience #climaterisk #thirdpartyrisk #SOC2 #audit #internalcontrol #riskmanagement #operationalrisk #operationalresilience #financialservices #banking #regulation #CFTC #futures #swaps

François Villeroy de Galhau, Governor of the Banque de France, Big techs in finance: a bildungsroman that is far from over, Banque de France, February 9, 2023

— Available here: https://www.banque-france.fr/en/intervention/big-techs-finance-bildungsroman-far-over

#digitalEuro #CBDC #cryptoassets #digitalassets #stablecoin #bigtech #banking #financialservices #payments #digitalpayments #mobilepayments #regulation #financialstability #operationalrisk #cybersecurity #dataprotection #France #BanquedeFrance #centralbanks #Eurosystem

European Union Insurance and Occupational Pensions Authority (EIOPA), Risk Dashboard January 2023, February 7, 2023

— Available here: https://www.eiopa.europa.eu/sites/default/files/financial_stability/risk_dashboard/january_2023_risk_dashboard.pdf

#insurtech #riskdashboard #creditrisk #marketrisk #liquidityrisk #riskmanagement #cyberrisk #cybersecurity #digitalization #financialstability #technologyrisk #operationalrisk #supervision #regulation #operationalresilience #insurance #EIOPA #EuropeanUnion #Europe

Bank Indonesia, Project Garuda, Wholesale Digital Rupiah Cash Ledger, January 2023

— Available here: https://www.bi.go.id/en/rupiah/digital-rupiah/Documents/Consultative-Paper-Rupiah-Digital-BI.pdf

#digitalRupiah #CBDC #digitalcurrency #wholesaleCBDC #DLT #distributedledger #proofofauthority #cyberrisk #operationalrisk #riskmanagement #privacy #banking #financialservices #FMI #marketinfrastructure #financialstability #paymentsystems #resilience #BankIndonesia #centralbanks #Indonesia

European Securities and Markets Authority (ESMA), Trends, Risks and Vulnerabilities (TRV) Report, February 9, 2023

— Available here: https://www.esma.europa.eu/sites/default/files/library/ESMA50-165-2438_trv_1-23_risk_monitor.pdf

#cryptoassets #digitalassets #cryptocurrency #regulation #banking #financialservices #riskmanagement #operationalrisk #financialrisk #financialstability #governance #securities #financialmarkets #ESMA #EuropeanUnion #Eurosystem #Europe

Speech by Agustín Carstens, General Manager, Bank for International Settlements, BIS conference “Big techs in finance – implications for public policy” Basel, Switzerland, February 8, 2023

— Available here: https://www.bis.org/speeches/sp230208.pdf

#bigtech #finance #networkeffects #regulation #activitybasedregulation #entitybasedregulation #banking #financialservices #creditscoring #financialinclusion #privacy #financialstability #operationalrisk #resilience #corporategovernance #BIS

Gerardo Uña, Alok Verma, Majid Bazarbash and Naomi N Griffin, Fintech Payments in Public Financial Management: Benefits and Risks, International Monetary Fund, Working Paper No. 2023/020, February 3, 2023

— Available here: https://www.imf.org/en/Publications/WP/Issues/2023/02/03/Fintech-Payments-in-Public-Financial-Management-Benefits-and-Risks-529100

#fintech #payments #digitalplatforms ##paymentsystems #mobilemoney #digitalmoney #operationalrisk #financialrisk #riskmanagement #publicsector #financialmanagement #treasurypayments #taxcollection #cashmanagement #IMF