FSB published a progress report on its work on developing effective practices for financial institutions’ response to, and recovery from, a cyber incident. FSB has delivered the report to G20 Finance Ministers and Central Bank Governors, ahead of their meetings in Fukuoka on June 8-9. As part of its work program to enhance the cyber resilience of financial institutions, FSB is developing a toolkit of effective practices for a financial institution’s response to, and recovery from, a cyber incident. The toolkit aims to help supervisors and other relevant authorities in supporting financial institutions before, during, and after a cyber incident.
This project seeks to mitigate the implications of cyber incidents on financial stability, by taking into account their cross-border and cross-sectoral nature. It will also leverage on the shared experience and diversity of perspectives gathered in the course of this work. The development of effective practices will draw on a stocktake of publicly released guidance from national authorities and international bodies, a review of case studies on past cyber incidents, and engagements with external stakeholders.
The development of the toolkit of effective practices for financial institution’s response to, and recovery from, a cyber incident will be taken forward in two phases. The first phase of work will continue until October 2019 and focus on identifying and developing effective practices. As part of its outreach, FSB will launch an online survey in July, which will help to identify effective practices at financial institutions. The second phase of work will likely commence during the last quarter of this year and will focus on drafting of the toolkit. A public consultation on the report will be launched in early 2020 and the toolkit of effective practices will be finalized in late 2020.
Keywords: International, Banking, Insurance, Securities, PMI, Cyber Incident, Financial Stability, G20, Cyber Risk, Cyber Resilience, FSB
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