Technology Challenges – It typically takes months and years to migrate from one system to another. The current crisis is creating an immediacy that does not allow for the planning and due diligence that is required for such changes. Therefore it is necessary to prioritize technology risks and try to mitigate those that are the most serious.
Fraud Prevention – As the experiences of Hurricane Katrina revealed, fraud and misrepresentation are rife when records have been destroyed and systems put out of commission or destabilized. No doubt a review of the aftermath of Hurricane Ike will show similar deficiencies. And the hurricane on Wall Street will surely generate similar opportunities for criminal activity. Fraud monitoring capabilities need to be ramped up further and oversight intensified – difficult to do with all that’s going on, but an important effort nonetheless.
Physical Access – With all the transitions taking place, there is an even greater need to ensure that only those who are duly authorized can access various offices and facilities. This can be particularly difficult during preemptive strikes, such as the government takeover of Washington Mutual and Barclays of Lehman Bothers. The speed and urgency of such moves means that particular attention has to be given to the granting of access and securing of facilities
Backup Facilities – Often neglected or an afterthought, backup sites and systems contain sensitive data and provide for emergency access rights, which may or may not apply in the many varying scenarios that are falling out of the current crises. As such backup facilities and systems represent high risk and need to be given their rightful place on the list of considerations.
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