New Dimensions of Data Breach Risk in Global Investment Banks and the Role of Operational Risk Managers in Managing that Risk

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Monojit Banerjee, Pranab K Pani

Abstract

This paper explores the evolving risks of data breaches in global investment banks, focusing on new dimensions of cyber threats and the critical role of operational risk managers in mitigating these risks. Through a comprehensive literature review and analysis of case studies involving top financial institutions, the paper examines the impact of significant breaches in a subset of the top 15 global banks and the financial investments made by these banks to enhance cybersecurity. The findings highlight the importance of integrating advanced technologies, rigorous governance, and continuous employee training to safeguard sensitive data and maintain compliance in an increasingly complex regulatory environment. The paper also underscores the need for banks to adapt to evolving threats and regulatory changes by leveraging innovative technologies and strengthening collaboration across the industry.

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How to Cite
Monojit Banerjee, Pranab K Pani. (2024). New Dimensions of Data Breach Risk in Global Investment Banks and the Role of Operational Risk Managers in Managing that Risk. European Economic Letters (EEL), 14(3), 2989–2998. https://doi.org/10.52783/eel.v14i3.2074
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