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TECHNOLOGY RISK
What is technology risk in the context of banking operations?
Technology risk refers to the risk of loss arising from failures in information systems, infrastructure, or technology-related processes that support banking operations. It includes risks from hardware failures, software defects, cyberattacks, and inadequate IT governance.
What is an Advanced Persistent Threat (APT) in banking cybersecurity?
Long-term targeted attack by sophisticated actors on bank systems
How does the Basel Committee classify technology risk within the broader risk taxonomy?
The Basel Committee classifies technology risk as a subset of operational risk, defined as the risk of loss resulting from inadequate or failed internal processes, people, and systems, or from external events. IT failures fall under the 'systems' category of this definition.
What is a zero-day vulnerability in the context of banking technology risk?
Unknown software flaw exploited before vendor releases a patch
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