Η διαχείριση του λειτουργικού κινδύνου: η περίπτωση του κινδύνου απο κυβερνοεπιθέσεις.

Abstract

The future is unknown and no one has ever managed to predict successfully and for a very long period the market prices, the rate of interests, the exchanges parities and also to predict events that can have a great financial effect on the market or even on a company. The Free market economy globalization, the international trade and the globalization of the financial services combined with the great technological achievements, the worldwide spread of the Web and the evolution of information systems have made Bank activities much more complicated and have also created new types of dangers that can be a great threat for their reputation and financial performance. This work is divided in three parts. The first part is a literature overview of the Operational Risk. Operational Risk is a relatively new process in most of the banks and at large financial institutions is gaining the same importance as market and credit risk in the capital calculation. Starting with a historical overview of the operational risk, we give the operational risk definition as it has been given by the Basel Committee and we also mention the ways that it can be measured. In the end of the first part we analyze the IRB method and we define the most significant Operational Risk related scandals and events. Moving to the second part we have a literature overview of the Basel committee, starting with a historical review where we mainly focus on the second Accord of the Basel Committee called Basel II and we examine its implementation by the financial institutions from all over the world giving extra attention to Greek Banks. Furthermore we give a detailed review of the three Basel Committee pillars, we mention some of the reviews and disadvantages about Basel II and we close the second part by making a quick review of the third Accord of the Basel Committee- Basel III. In the third and final part of this work we conduct an analysis based on the impact that public announcements of a security breach have on the market value of affected companies and financial institutions over an eight year period. So in this study we investigate the effect of cyber attacks and data breaches announcements on stocks. For this reason we use the data from Identity Theft Center and market data from the search machine yahoo. Finance for the period 2005-2013.