On February 15, 2019, the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) published guidelines for assessing cybersecurity counterparty risk for financial institutions (the “Guidelines”).
Not long ago, cybersecurity was a term rarely, if ever, heard in the boardroom. Rather, information security was deemed to be a risk managed solely by the chief information or technology officer. Those days are gone. With the litany of high profile cybersecurity hacks—and the potential resulting drop in shareholder value, regulatory inquiries and litigations which inevitably follow—cybersecurity has become an increasingly challenging risk that boards must address.
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