IOSCO published a final report that examines the application of the three internationally recognized cyber standards and frameworks by IOSCO member jurisdictions. This report, by the IOSCO Cyber Task Force, also identifies potential gaps in the application of these standards and seeks to promote sound cyber practices across the IOSCO membership.
The three cyber standards are the CPMI-IOSCO Guidance on Cyber Resilience for Financial Market Infrastructures; the National Institute of Standards and Technology Framework for improving Critical Infrastructure Cybersecurity; and the International Organization for Standardization 27000 series standards. The report does not propose new cyber standards or guidance. By highlighting the application of the Core Standards by some IOSCO members, the Cyber Task Force hopes more members will review their own cyber standards against the practices of the Core Standards and, where relevant, use the Core Standards as a model to further enhance their cyber regimes. Finally, the report sets out a series of questions that firms and regulators may use to promote awareness of cyber good practices or to guide them as they review their own practices.
The report finds that IOSCO members have made good progress in establishing appropriate cyber regimes, though there is still work to be done in key areas. The Cyber Task Force recommends that further work be considered to explore this report’s findings. It is recommended that the Cyber Task Force should consider exploring the use of sector-wide organizational surveys as part of the next phase of its work to gain a better understanding of where the gaps lie. The report is intended to serve as a resource for financial market regulators and firms, raise awareness of existing international cyber standards and frameworks, and encourage the adoption of good practices to protect against cyber risk.
Keywords: International, Banking, Insurance, Securities, PMI, Cyber Risk, Cyber Task Force, Cyber Security, Operational Risk, IOSCO
Previous ArticleEC Publishes Guidelines on Climate-Related Information Reporting
APRA finalized the reporting standard ARS 115.0 on capital adequacy with respect to the standardized measurement approach to operational risk for authorized deposit-taking institutions in Australia.
EBA is consulting on the implementing technical standards for Pillar 3 disclosures on environmental, social, and governance (ESG) risks, as set out in requirements under Article 449a of the Capital Requirements Regulation (CRR).
ESAs Issue Advice on KPIs on Sustainability for Nonfinancial Reporting
EU published Directive 2021/338, which amends the Markets in Financial Instruments Directive (MiFID) II and the Capital Requirements Directives (CRD 4 and 5) to facilitate recovery from the COVID-19 crisis.
The EBA Single Rulebook question and answer (Q&A) tool updates for this month include answers to ten questions.
ESMA updated the set of questions and answers (Q&A), along with the reporting instructions and an XML schema for the templates set out in the technical standards on disclosure requirements, under the Securitization Regulation.
EU published Regulation 2021/337, which amends the Transparency Directive (2004/109/EC), regarding the use of the single electronic reporting format for annual financial reports.
The Standing Committee of the European Free Trade Association (EFTA) recommended that a systemic risk buffer level of 4.5% for domestic exposures can be considered appropriate for addressing the identified systemic risks to the stability of the financial system in Norway.
In a recent statement, PRA clarified its approach to the application of certain EU regulatory technical standards and EBA guidelines on standardized and internal ratings-based approaches to credit risk, following the end of the Brexit transition.
In a recently published letter addressed to the G20 finance ministers and central bank governors, the FSB Chair Randal K. Quarles has set out the key FSB priorities for 2021.