Finance & Banking , Industry Specific , Video

Looking Into the Human Factors in Risk Assessment Framework

Equicom CISO Highlights the Need for Banks to Perform Behavioral Risk Assessments
Rei Nikolai Magnaye, CISO, Equicom Savings Bank, Philippines

Financial institutions have many risk management frameworks at their disposal but few of them address human behavior risks, which may stem from an employee's information processing or the tools used. Assessments of these risks often lack depth, said Rei Nikolai Magnaye, CISO at Equicom Savings Bank in the Philippines.

See Also: Post-Transformation: Building a Culture of Security

"When it comes to human behavior, I have not seen much assessment, particularly in risk assessment, identification of risks and analysis and treatment of risks," Magnaye said.

Assessing human behavior in risk management requires understanding the psychological elements that influence decision-making and risk perception. Implementing training programs and behavioral assessments can help manage these human-related risks alongside technical controls, he said.

Magnaye said financial institutions should follow the Fogg Behavior Model - which says motivation, ability and a prompt are the requirements for a behavior to happen - to assess human risks.

In this video interview with Information Security Media Group, Magnaye discussed:

  • How to choose the right risk management framework;
  • The importance of considering human behavior risks;
  • How to communicate behavior risks to the organization.

Magnaye has more than 14 years of experience in cybersecurity. He drives companies involved in healthcare and medical services, information technology, banking and finance, insurance and HMO to meaningfully uplift their capability, maturity and adherence to best practices and management system standards.

About the Author

Suparna Goswami

Suparna Goswami

Associate Editor, ISMG

Goswami has more than 10 years of experience in the field of journalism. She has covered a variety of beats including global macro economy, fintech, startups and other business trends. Before joining ISMG, she contributed for Forbes Asia, where she wrote about the Indian startup ecosystem. She has also worked with UK-based International Finance Magazine and leading Indian newspapers, such as DNA and Times of India.

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