Cyber security topples reputational risk as first concern
Overall, close to 39% of institutions place cyber as their top concern, 20% select reputational factors
Over the last year cyber security risks have become the main overall risk concern for central banks worldwide, according to the Risk Management Benchmarks 2023.
In the 2022 benchmark, reputational risk featured in first place followed by cyber security in second position, credit/counterparty risk as third, market risk in fourth place and operational risk in fifth.
Over 74% of central banks now place cyber security as one of the top three risks that concerns them the most. Almost 39%
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