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

    EC Delegated Regulation on Specialized Lending Exposures Under CRR

    EC finalized the Delegated Regulation 2021/598 that supplements the Capital Requirements Regulation (CRR or 575/2013) and lays out the regulatory technical standards for assigning risk-weights to specialized lending exposures.

    April 14, 2021 WebPage Regulatory News
    News

    OSFI Consults on Minimum Qualifying Rate for Uninsured Mortgages

    OSFI is proposing new minimum qualifying rate for uninsured mortgages under the Guideline B-20.

    April 13, 2021 WebPage Regulatory News
    News

    OSFI Issues Letter on ICAAP Submission and Internal Audit of BCAR

    OSFI issued a letter to confirm that a formal Internal Capital Adequacy Assessment Process (ICAAP) submission is not required in 2021.

    April 12, 2021 WebPage Regulatory News
    News

    ECB Updates List of Supervised Entities in EU in April 2021

    ECB updated the list of supervised entities in EU, with the number of significant supervised entities amounting to 115 as of the March 01, 2021 cut-off date.

    April 12, 2021 WebPage Regulatory News
    News

    ESMA Issues Notification Templates for STS Synthetic Securitizations

    ESMA published the interim simple, transparent, and standardized (STS) notification templates for synthetic securitizations, post the recent amendments to the Securitization Regulation.

    April 09, 2021 WebPage Regulatory News
    News

    EC Agrees to Prolong Scheme to Support NPL Reduction at Greek Banks

    EC has approved the prolongation of an existing Greek scheme aiming to support the reduction of nonperforming loans, or NPLs, of Greek banks on the basis that it remains free of any State aid.

    April 09, 2021 WebPage Regulatory News
    News

    EIOPA Study Examines Internal Model Market and Credit Risks Under SII

    EIOPA published a report presenting the results of its yearly study on the internal modeling of market and credit risks under the Solvency II Directive, also known as SII.

    April 09, 2021 WebPage Regulatory News
    News

    EBA Issues Erratum for Phase 2 Package of Reporting Framework 3.0

    EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.

    April 08, 2021 WebPage Regulatory News
    News

    EBA Updates Lists of Entities for Use in Capital Calculations under SA

    EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.

    April 08, 2021 WebPage Regulatory News
    News

    FED Proposes to Automate Bank Stock Adjustment Using Call Report Data

    FED published a proposal to automate non-merger-related adjustments to member banks' subscriptions to Federal Reserve Bank capital stock.

    April 08, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6835