The current economic and financial crisis may be a disaster to many, but—like the detritus of physical disaster to vermin—it presents an opportunity to a malicious few. It also, however, poses IT risks not directly related to attacks, not to mention yet another, and probably much more substantial, wave of new regulation in the economic sectors most directly affected. In this Advisory Note, EMA explores how the credit crisis arose and its relevance to risk professionals in multiple domains. Examples of IT risks, security threats and likely compliance challenges are examined, as well as new opportunities in IT security and risk management suggested by a global economy in turmoil and possible recession, concluding with an examination of the most fundamental risk management issue of all.