Operational resilience is the ability to reliably provide critical services in the face of any disruption. Since the release of the July 2018 Bank of England discussion paper, “Building the UK financial sector’s operational resilience,” regulatory bodies, trade association alliances, and individual institutions have launched various coordinated efforts to define expectations and develop an approach to operational resilience. However, these remain in the exploration and taxonomy phase, with firms continuing to focus on traditional disaster recovery and business continuity efforts which have been insufficient in the past, especially in the face of destructive events such as ransomware, wiperware, and data center fires.
