The ORX News Quarterly Information Sessions help keep our subscribers up to date with the latest insights and developments. These 30-minute webinars provide an overview of top trends, notable operational risk loss events and other content, all focused on operational and non-financial risk in the financial sector.
Read on for some of the top takeaways from the Q3 2025 Information Session. If your firm subscribes to ORX News, you can follow the links to read about the operational risks events covered in more detail. Not a subscriber? Find out more about ORX News.
Highlights from the session
Overview of loss events
In Q3 ORX News reported on 169 events that caused losses of $3.33 billion dollars with a median loss of $4.4 million. Losses increased across the board compared to last quarter, and event frequency went up by a third compared to Q2. Compared with Q3 2024, this year saw more events, but severity fell dramatically. This was likely due to the absence of outlier loss events seen in previous years.
The banking industry continued to account for the majority of loss frequency and severity, while insurance saw a slight reduction in the frequency and severity of events in Q3 compared to Q2.
Conduct continued to be the most impacted risk type by both frequency and severity. Severity for Conduct in Q3 more than doubled compared to Q2, and this risk type contained many of the largest loss events of Q3. A further trend we noticed in Q3 was an increased number of both People and Physical Security events.
In Q3, there were five events related to Employee Safety, including one event where employees were told to work from home over threats of a drone attack, two events in which employees were kidnapped, and three events in which employees were killed either at work or for reasons related to their position at work.
Other trends in Q3 included an uptick in External Fraud events and the frequency for Financial Crime nearly doubled from Q2 with many regulatory fines for AML failures being imposed in Q3.
Regional breakdown
Asia/Pacific had the highest frequency of events in Q3, while Western Europe had the largest loss severity.
Top 5 losses
The session also dived into the top losses from the quarter in more detail:
Spotlight topics
Operational resilience
In July, the Monetary Authority of Singapore (MAS) imposed fines for AML failures on nine firms for a total of over $21 million.
Cyberattacks
In August 2025, a threat actor breached Salesloft and stole user data, mainly from Salesforce, affecting over 760 organisations and compromising more than 1.5 billion records.
On 30 August 2025, it was reported that hackers targeted Sinqia, a Brazilian fintech that connects financial institutions to the Central Bank’s Pix payment system, attempting to steal BRL 710 million from HSBC and Artta Sociedade de Crédito Direto.
Editorial Articles and Deep Dives
In the next part of the session, the team highlights some of the Deep Dive events and themes.
Deep Dive
Our most recent Deep Dive covered the event leading to a combined loss of £6.2 million:
Data Deep Dive
In Q3 we published a Data Deep Dive on the theme of Business Disruption. The report looked into 243 loss events covered by ORX News between August 2020 and August 2025 which had a combined loss severity of $3.47 billion:
Data Deep Dive - Business Disruption
Cyber Round-ups
Cyber Operational Risk Event Round-ups: May-Sept 2025
These monthly round-ups have been developed to provide ORX Cyber and ORX News subscribers with a concise, data-driven overview of publicly reported cyber-related incidents captured by ORX News. This allows us to give you insights into the cyber event types, threat actors, attack methods and system vulnerabilities of the victim or third party provider. They're accessible to both ORX News and ORX Cyber subscribers.
ORX News: Insights and analysis of global operational risk events
If you're not an ORX News subscriber and would like to know more, get in touch with us or find out more about the service.
