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 →The NBFC-AA must establish a well-documented risk management framework including a sound technology risk management framework, strengthened system security, reliability, resiliency and recoverability, and strong authentication protecting access to customer dat...
india-account-aggregator-framework-rbi::46 · Para 46: documented risk management framework with technology risk, resilience and strong authentication →Gives the general principles for managing technology risk: IT governance (control policies, oversight and organisation of IT, a technology risk management function, technology audits, staff competence, IT support from overseas offices);
hkma-spm::TM-G-1 · TM-G-1 General Principles for Technology Risk Management →Every licensee must comply with the Notice on Cyber Hygiene (FSM-N14) and protect customer information; licensees providing DPT services must also comply with the Notice on Technology Risk Management (FSM-N13) from 6 November 2024, and others should follow the...
singapore-payment-services-act-2019::N-TRM · Meet the cyber hygiene notice and, for DPT providers, the technology risk management notice →The FI should analyse the potential impact and consequences of the identified threats and vulnerabilities on its business and operations, considering financial, operational, legal, reputational and regulatory factors, and establish criteria for measuring likel...
monetary-authority-of-singapore-technology-risk-management-guidelines::4.3 · 4.3 Risk Assessment →Questions people ask about technology risk
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