BBB Study: Cryptocurrency is ripe for fraud and financial loss

Cryptocurrency is the hot new trend in investing, and much is still not understood about this buzzy, volatile digital payment system that does not rely on banks to verify transactions. This has created a fertile environment for scams, according to a new in-depth investigative study by Better Business Bureau® (BBB®), which states: “A virtual tug of war exists between the legitimate and fraudulent use of cryptocurrency.” 

Read the entire article here

Risk Management and Cyber Security

A lot of fellow professionals see that I am in Risk Management and immediately think that this is Cyber Security.

I will explain in as much detail as possible, to clarify the differences

Below are layers of different risk management disciplines in a company to understand where cybersecurity (or cybersecurity risk) is situated.

  • Enterprise Risk Management: This is the capability to understand and manage all risk types in a given organization. Depending on the company, this usually includes managing strategic risks, reputational risks, financial risks, compliance risks and operational risks.
  • Operational Risk Management: Operational risks are a subset of enterprise risks and are associated with operational processes, employee errors and technology systems.
  • IT Risk Management belongs to the operational risk category and includes all types of risks related to using and managing information technology. A simple way to think about IT risk management is the infamous CIA model which is basically a nifty acronym for confidentiality, integrity and availability. IT risk management is there to address the risks related to these three main areas.
  • Cybersecurity is the body of technologies, processes and practices designed to protect networks, computers, programs and data from attack, damage or unauthorized access.
  • Cybersecurity risk is one of several risks in the IT risk management space. It’s also one of the most important risks for any organization that has cyber presence.
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