Loss of data confidentiality represents the greatest risk for a large financial institution that is considering outsourcing customer call center operations, as it would expose sensitive customer and business information to unauthorized access, disclosure, or misuse by the chosen vendor or other third parties. Data confidentiality is especially important for financial institutions, as they deal with personal, financial, and transactional data that are subject to strict regulatory and legal requirements, such as the General Data Protection Regulation (GDPR) and the Payment Card Industry Data Security Standard (PCI DSS). A breach of data confidentiality could result in reputational damage, customer dissatisfaction, legal liability, and financial loss for the financial institution. The other options are not as great, as they are more related to the operational or performance aspects of outsourcing, rather than the security or compliance aspects of it. References: : CGEIT Review Manual (Digital Version), Chapter 4: Risk Optimization, Section 4.3: IT Risk Management, Subsection 4.3.1:
IT Risk Management Overview, Page 153 : CGEIT Review Manual (Digital Version), Chapter 5: Resource Optimization, Section 5.3: Security Resource Management, Subsection 5.3.1: Security Resource Management Overview, Page 192 : Offshore bank call centers face risks around privacy, resilience amid COVID-191 : Call Center Outsourcing Risks and How to Mitigate Them