Key facts
- Legacy technology, termed 'technical debt', is the most cited framework challenge for global systemically important banks (G-SIBs).
- This challenge impacts both information security and IT disruption risk management.
- Fragmented technology stacks hinder the identification of vulnerabilities.
- Manual workarounds within these systems increase the likelihood of human errors.
Legacy technology, referred to as 'technical debt', is identified as the foremost challenge for global systemically important banks (G-SIBs) in addressing information security and IT disruption risks. According to risk benchmarking data, the fragmented nature of these technology stacks complicates the identification of vulnerabilities. Furthermore, the reliance on manual workarounds within these outdated systems exacerbates the potential for human errors, posing a significant hurdle in effective risk management.