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Managing cyber risk in the financial sector : lessons from Asia, Europe and the USA
Taplin R., Routledge, New York, NY, 2017. 194 pp. Type: Book (978-1-138477-17-9)
Date Reviewed: Jun 7 2019

I would classify this book as a buffet of articles, studies, research, and references spanning the spectrum of cyber risk domains across various economies around the world. Just like a buffet, there is a lot of very valuable information packed in here; however, just like a buffet, some things are a hit and some a miss.

While easy to follow in terms of language and concepts discussed, the sheer breadth of topics the number of context changes make it extremely hard to read this collection as one book. The only other issue is that, even though the title makes it seem like a curated work focused on the financial sector, the coverage includes healthcare, Internet of Things (IoT), Internet protocol (IP), and so on, leaving readers hoping to gain a comprehensive understanding of cyber risk management in Asia, Europe, and the US somewhat wanting.

Ruth Taplin, as editor, author, and researcher, is impressive in her coverage and ability to communicate key learnings on a variety of topics in multiple markets. For executives, chapter 1 by Taplin gives a quick overview of the cyber risk space pre-2016. It is important to highlight the time frame since the speed at which technology has advanced since then has had a direct and nontrivial impact on the associated risks. From cyber insurance to big data, the evolution of attack vectors, breaches, as well as regulations has been an order of magnitude greater.

Chapters 4 and 5 are probably most relevant to the financial services industry. Taplin looks at the US financial services sector in chapter 4, while Motohiro Tsuchiya covers East Asia in chapter 5. The amount of attention given to data (big data to be specific) is a good indication of an author’s ability to foretell the importance of data protection as a topic. Chapters 3 and 6, notably, provide case studies on the topic from various industries and geographies.

Overall, the composition is a valuable reference for both practitioners and researchers interested in the global cyber risk landscape. I just wish it was a bit more focused and in-depth (instead of broad) in its coverage of the very real challenges facing the industry.

Reviewer:  Phoram Mehta Review #: CR146593 (1909-0338)
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