Dietrich Domanski of FSB on International Cooperation on Cybersecurity
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 Article
MAS and Bank of Canada Run Trial on Cross-Border Payments Using DLTRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.