The central hub allows cyber and information security risk management professionals to collaborate, exchange ideas and learn from each other’s practices.
ORX has launched a new service which it believes will transform how financial services firms manage cyber risk.
The new service – ORX Cyber – combines loss data exchange with collaboration and research to provide cyber and information security risk professionals in the second line of defence with insights and information for the effective management and measurement of cyber risk.
Grown out of a pilot programme that has been running since 2019, ORX Cyber provides a central hub for cyber risk management professionals to collaborate, exchange ideas and learn from each other’s practices.
The service has been designed to help businesses reduce the impact of cyber attacks through more effective and efficient risk management.
So far, 22 financial services firms from around the world have committed to working with ORX on tackling cyber risk.
ORX Cyber seeks to address industry challenges associated with the lack of a common language or taxonomy to identify, collate, describe and report cyber risk events.
According to ORX, the industry also suffers from a lack of easily available, relevant cyber event data, a lack of clarity and consistency in practice, difficulty comparing and benchmarking data and practice, and conflicting industry frameworks and global regulations.
“Organisations are often working in isolation, each with its own definitions and styles of practice,” says Steve Bishop, who heads up ORX Cyber.
“This makes it challenging for organisations to understand their risk exposure and to benchmark with industry peers. It is challenging to collaborate to understand the risk and to identify solutions to improve controls and reduce the risk exposure and ultimately cyber incidents.”
“ORX Cyber is designed to break down barriers which currently impede effective data collection and benchmarking.”
More information on the initiative is available here.
ORX is a global association of operational risk professionals.