Do you think about the risk of the failure of a critical information transfer system?
“Bank Lost Its Ability To Process Payments,” The Wall Street Journal, December 8, 2016 B8. The Bank of New York Mellon temporarily lost its access to the SWIFT network, used to process payments within the banking system. Over nineteen hours.
Does your business have a similar business continuity risk, where a critical information transmission system is unavailable? Have you identified that risk and quantified its potential impact? Do you have controls (people, process, or technology, or some combination) to prevent the occurrence, or to limit its impact? Is this a Board responsibility? If not the Board, who?
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