technology risk
Risks arising from use of information technology and systems.
Definitions (3)
Risks that originate from the use, operation, integration or reliance on information technology, systems, applications, platforms or infrastructure which may cause operational disruption, financial loss, data breaches or regulatory non-compliance. The PD uses this term to frame the scope of required controls and governance across FIs.
Technology Risk encompasses potential losses arising from the failure or inadequacy of information technology systems, infrastructure, or processes. This broad definition includes risks associated with cybersecurity incidents, system outages, data corruption, and other technology-related disruptions that can impact a financial institution's operations and financial stability.
Technology Risk refers to the risk of financial loss, disruption, or reputational damage arising from the use of technology, including hardware, software, and data. This encompasses risks related to system failures, data breaches, cyberattacks, and inadequate technology infrastructure.
Related Terms
TRMF (Technology Risk Management Framework)
Board‑approved framework for managing technology risk....
Technology incident
An event causing disruption or compromise of technology services....
critical systems
Systems whose failure would materially impair essential services....
Systemic (Correlated) Risk
Risk from many actors using similar models causing market shocks....
data security
Ensuring data is effectively protected and lawfully used through necessary measures....