Featured Product

    FCA Issues Insights on Cyber Resilience Practices in Financial Sector

    March 08, 2019

    FCA published a report on insights on the cyber resilience practices in the financial industry. The report presents examples of the cyber security practices that firms have shared with FCA. FCA hopes that these practices and experiences will help firms when considering where to prioritize their efforts in increasing cyber resilience.

    Since 2017, FCA has brought together over 175 firms across different financial sectors to share information and ideas from their cyber experiences. FCA runs the Cyber Coordination Groups (CCGs) with industry to help improve cyber-security practices among members of the CCGs and their sectors. Over the last year, the groups have been discussing and sharing practices in the areas of Governance, Identification, Protection, Detection, Situational Awareness, Response and Recovery, and Testing. FCA has collated the examples shared by firms and set out those it considers to be beneficial for a wider audience under each of these themes:

    • Putting good governance in place
    • Identifying what needs to be protected
    • Protecting assets appropriately
    • Using good detection systems
    • Being aware of emerging threats and issues
    • Being ready to respond and recover
    • Testing and refining defenses

    The insights in this publication may be relevant for small and medium-size firms. However, FCA encourages all firms to consider whether these insights may be useful to them. FCA warns that this document should not be considered as FCA guidance, as it does not set out the FCA expectations about what systems and controls firms should have in place to comply with its regulatory requirements. However, many of the shared examples support existing guidance from the National Cyber Security Center. 

     

    Related Links

    Keywords: Europe, UK, Banking, Securities, Insurance, Cyber Resilience, Cyber Risk, Cyber Security, Regtech, FCA

    Related Articles
    News

    HKMA Finalizes Policy Modules on Group-Wide Approach and Remuneration

    The Hong Kong Monetary Authority (HKMA) revised the Supervisory Policy Manual module CG-5 that sets out guidelines on a sound remuneration system for authorized institutions.

    July 29, 2021 WebPage Regulatory News
    News

    EBA Guide to Monitor Threshold for Intermediate Parent Undertakings

    The European Banking Authority (EBA) published the final guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate parent undertakings in European Union (EU), as laid down in the Capital Requirements Directive (CRD).

    July 28, 2021 WebPage Regulatory News
    News

    PRA Finalizes Approach to Supervision of International Banks

    In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.

    July 26, 2021 WebPage Regulatory News
    News

    FCA Issues PS21/9 on Implementation of Investment Firms Regime

    The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.

    July 26, 2021 WebPage Regulatory News
    News

    EBA Proposes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.

    July 26, 2021 WebPage Regulatory News
    News

    IOSCO Proposes Recommendations on ESG Ratings and Data Providers

    The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.

    July 26, 2021 WebPage Regulatory News
    News

    ESMA Group Issues Recommendations on RFR Switch in Interdealer Market

    The European Securities and Markets Authority (ESMA) published recommendations from the Working Group on Euro Risk-Free Rates (RFR) on the switch to risk-free rates in the interdealer market.

    July 26, 2021 WebPage Regulatory News
    News

    ECB Study Assesses Impact of Basel III Finalization Package

    The European Central Bank (ECB) published a paper as well as an article in the July Macroprudential Bulletin, both of which offer insights on the assessment of the impact of Basel III finalization package on the euro area.

    July 26, 2021 WebPage Regulatory News
    News

    ISDA Finds FRTB Results in Higher Capital Charges for Carbon Trading

    The International Swaps and Derivatives Association (ISDA) published a paper that explores the impact of the Fundamental Review of the Trading Book (FRTB) on the trading of carbon certificates.

    July 26, 2021 WebPage Regulatory News
    News

    PRA Updates Remuneration Policy Statement Templates and Tables

    The Prudential Regulation Authority (PRA) published the remuneration policy self-assessment templates and tables on strengthening accountability.

    July 26, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7307