Summary
This white paper discusses the critical need for payment resiliency in the face of increasing network disruptions and cyber threats. It outlines the various risks that financial institutions face, including cyberattacks, system failures, climate disasters, and geopolitical risks, emphasizing that these threats can lead to significant operational downtime and financial losses. The document highlights that 51% of Chief Information Security Officers (CISOs) prioritize operational resiliency, yet many remain unprepared. It also details the financial implications of inadequate payment resiliency, citing examples of past cyberattacks and their repercussions. Furthermore, the paper addresses the evolving regulatory landscape, including the Digital Operational Resiliency Act (DORA) in the EU, which mandates compliance for financial institutions. The rise of artificial intelligence (AI) is also discussed, noting that while it presents new challenges, it can also enhance payment resiliency through advanced decision-making technologies. The paper concludes by stressing the importance of proactive measures and external partnerships in achieving robust payment resiliency.
