The FSB Secretary General Dietrich Domanski spoke at the G7 2019 conference on cyber-security. He talked about the case for international cooperation on cyber-security, highlighted important challenges for cooperation, and discussed the FSB work to promote cyber-security against this backdrop.
Mr. Domanski highlighted that international cooperation on cyber-security in the financial sector is strong and perhaps even stronger than in other areas of regulation. However, significant challenges exist in the international cooperation on cyber-security and these include a host of issues around the sharing of information related to cyber risks and security. The rapid evolution of cyber threats raises the question on whether cooperation processes are sufficiently agile to be fully effective, both in terms of speed and in terms of involvement of relevant stakeholders. These challenges are not fundamentally different from those that international regulatory and supervisory cooperation has had to deal with in the past. The cooperation on cyber-security at early stages put onus on the three aspects of cooperation—enhancing mutual understanding of the issues, ensuring that there is a common language that facilitates effective communication between authorities and the private sector, and identifying possible solutions and making progress in areas where confidentiality of information is less of an issue.
With respect to the aspects of cooperation, the work of FSB on cyber-security includes the following:
- On enhancing mutual understanding, FSB in 2017 took stock of financial sector cyber-security regulations, guidance, and supervisory practices.
- On helping to build a common language, FSB in 2018 published a cyber lexicon to support the work of FSB, standard-setting bodies, authorities, and private-sector participants to address financial sector cyber resilience.
- On finding solutions, FSB is developing effective practices for cyber incident response and recovery. The objective is to identify a set of tools that the private sector and authorities can use in designing incident response and recovery policies. FSB will publish a survey on this next month and will consult on the related report early next year.
- As part of the ongoing work to assess vulnerabilities in the financial system, FSB will continue to discuss issues related to cyber risks as part of its ongoing work .
Related Link: Speech (PDF)
Keywords: International, Banking, Insurance, Securities, Cyber Security, Cyber Risk, International Cooperation, Cyber Lexicon, FSB
Previous ArticleBenoît Cœuré of CPMI on Ongoing Work to Strengthen Cyber Resilience
Next ArticleEBA Single Rulebook Q&A: Second Update for May 2019
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.
PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.