IT protection and cyber security will take centre stage at the biennial Seatrade Offshore Marine and Workboats Middle East (SOMWME) exhibition and conference, taking place at the Abu Dhabi National Exhibition Centre (ADNEC) from 25 – 27 September 2017.
Cyber-attacks against financial institutions are an increasingly significant risk, Fitch Ratings says. Cyber risk is a growing threat that can adversely affect credit ratings as attacks can compromise customer data and disrupt websites, with detrimental financial or operational consequences for individual issuers and financial systems. Related reputational damage may weaken business and access to funding and capital markets.
The recent global ransomware attacks highlight the importance of robust information technology (IT) security in loan servicers' operational risk frameworks, Fitch Ratings says. Because servicers rely on technology, the robustness of IT security, disaster recovery and business resumption plans are an important part of Fitch's servicer assessments.