PRMIA Chennai Event Explores Role of Cyber Risk Management
A vibrant knowledge-packed seminar on “Information & Cyber Security: Opportunities & Threats” was organized by the Chennai Chapter of PRMIA on 19th November 2019. In attendance were senior leaders and Risk Professionals from Banks, Asset Management Companies, Non- Banking Finance Companies, Insurance Companies and students from Great Lakes Institute of Management, Chennai.
In his welcome address, Mr. Ken Radigan, PRMIA CEO, threw light on the fast-changing risk management global landscape and how India is at the top of the PRMIA agenda. Dr. Nirakar Pradhan, Director and Asia Pacific Representative, highlighted the progress made by PRMIA’s Chennai chapter as demonstrated in the 2nd risk management event in a span of less than six months, thanks to the impressive contributions from Mr. Sushant Choudhury, Regional Director, and all the volunteers.
The Chief Guest in the event, Mr. M. K. Bhattacharya, Executive Director, Indian Bank, delivered the Keynote Address. He set the ball rolling by posing a question how to find a mitigating solution for an event faced recently by Cosmos Bank, wherein the bank had to provide INR 94.4 crore (USD $13.5 million) on T+0 (same day of the event) basis? This “unknown unknown” cyber risk, transcending beyond the geographical and time zone dimensions, today poses the biggest challenge before the banking and financial industry.
The highly participative panel discussion was moderated by Mr. A.V. Murali, Standard Chartered Bank and composed of industry experts like Mr. Vittal Raj, Head Business Risk Assurance-Pristine; Mr. Arjun Prathap-Director, Risk Advisory Practice, Deloitte; Mr. P.S.Shibu, CISO, Indian Bank; and Mr. S. Venkataraman, Lead-Credit Risk, Tata Consultancy Services. The discussion was deep and wide and dwelt on causes, dimensions, lessons, and challenges from cyber risk from a risk management standpoint. Cyber risk, besides a huge financial risk, can translate into a huge reputational risk and hence should be addressed as a part of business and corporate strategy, rather than leaving it to a single IT department or jurisdiction. The discussion drew strong interest from the audience, as evident from the large number of questions posed post-discussion.
Mr. Sushant K Choudhury, Regional Director, thanked the sponsors, both Indian Bank and Standard Chartered Bank, the speakers, volunteers and all participants for making the event such a grand success. PRMIA Chennai Chapter will organize such events at regular intervals to promote learning and capacity building in this vital field of risk management.