Technology Risk
What is Technology Risk?
The potential for technology failures, obsolescence, security breaches, or misuse to adversely impact an organization's operations and objectives.
Terms that appear alongside technology risk
Each of these is named in at least one of the same controls as technology risk. The number is how many controls name both.
- governance 13 shared controls
- cybersecurity 13 shared controls
- resilience 11 shared controls
- compliance 10 shared controls
- remediation 8 shared controls
- operational resilience 8 shared controls
- audit 8 shared controls
- risk assessment 7 shared controls
Frameworks that govern technology risk
What the standards actually require on technology risk
Requirements naming technology risk across 6 standards, quoted from the control text.
HKMA TM-G-1 Governance of Technology Risk. (1) BOARD AND SENIOR MANAGEMENT OVERSIGHT OF TECHNOLOGY RISK (TM-G-1.2.1) - Board approval of IT strategy + technology risk appetite + risk tolerance; senior management accountability + governance structure;
HKMA-TMG1-Governance-Board-Framework-Roles · TM-G-1 Governance - Board + Senior Mgmt Oversight + Technology Risk Management Framework + Roles →Conduct a written enterprise technology risk assessment analysing threats and vulnerabilities in the context of mitigating controls and identifying, estimating and prioritising risks to operations, assets, market participants and others arising from impairment...
CFTC-SS-17 · Enterprise Technology Risk Assessment →Per MAS Technology Risk Management Guidelines: TRM governance. Requirements include (a) Board + Senior Management oversight + (b) TRM framework + (c) risk appetite + (d) align with MAS Notices.
SGMASTRM-1 · Technology Risk Governance →Requires entities to mitigate identified risks from technology assets associated with foreign interference.
PSPF-DIR-003-2024 · Direction 003-2024: Mitigation of Technology Risks →Per PSA + MAS Notices: cybersecurity for DPT. Align with MAS TRM Guidelines + Cyber Hygiene Notice + Incident Reporting.
SGPSA-4 · Cybersecurity and Technology Risk for DPT Service Providers →Per VARA TMS: technology risk + cybersecurity + system resilience + business continuity.
UAEVARA-4 · Technology Risk and Cybersecurity →Questions people ask about technology risk
What is Technology Risk?
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