Despite the awareness that in six months Microsoft will officially end its support for its nearly 10-year-old operating system, Windows 7, 18% of large enterprises have not yet migrated to Windows 10, according to new research from Kollective.
At the start of 2019, researchers found that 43% of companies were still running Windows 7. Of those, 17% didn’t even know about the end of support. In its most recent analysis of 200 US and UK IT decision makers, the report revealed that organizations have a long way to go to prepare for the much anticipated end of Windows 7 support.
Six months later, 96% of IT departments have started their migration, and 77% have completed the move. However, given that the migration from Windows XP to Windows 7 reportedly took some firms more than three years to complete, companies that have not started migration are at risk of missing the final deadline.
Risk.net presents the top 10 operational risks of 2017, as chosen by risk practitioners.
In a series of interviews that took place in November and December 2016, Risk.net spoke to chief risk officers, heads of operational risk and other op risk practitioners at financial services firms, including banks, insurers and asset managers. Based on the op risk concerns most frequently selected by those practitioners, we present our ranking of the top 10 operational risks for 2017.
#1: Cyber risk and data security
An overwhelming number of risk managers ranked the threat from cyber attacks as their top operational risk for 2017 – the second year in a row it has topped the rankings, this year by an even larger margin.
And this is no surprise as the threat from cyber attacks is not only growing, but also mutating into new and insidious forms, say risk practitioners.
To many op risk practitioners, the landmark regulations of the post-crisis era – the overhaul of the capital adequacy framework, widespread market structure reforms, far-reaching changes to accounting practices – represent a laundry list of potential operational risks for their institution.
Fines and penalties for noncompliance, the restructuring of desks and operations and the shuttering of businesses all present complex and hard-to-model threats. In the US, the Dodd-Frank Act alone – irrespective of President Trump’s promise to expunge it – has produced thousands of pages of rulemakings from prudential and markets regulators, covering everything from stress testing to clearing, trade execution to hedge fund reporting.