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
Previous ArticleFSB Report Reviews Implementation of Legal Entity Identifier
EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.
In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.
IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.
FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.
EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.
FSB published a letter from its Chair Randal K. Quarles, along with two reports exploring various aspects of the market turmoil resulting from the COVID-19 event.
RBNZ launched a consultation on the details for implementing the final Capital Review decisions announced in December 2019.
The Trustees of the IFRS Foundation, which are responsible for the governance and oversight of IASB, have announced the appointment of Dr. Andreas Barckow as the IASB Chair, effective July 2021.
HKMA issued a letter to consult the banking industry on a full set of proposed draft amendments to the Banking (Capital) Rules for implementing the Basel standard on capital requirements for banks’ equity investments in funds in Hong Kong.
ESRB published an opinion assessing the decision of Swedish Financial Supervisory Authority (FSA) to extend the application period of a stricter measure for residential mortgage lending, in accordance with Article 458 of the Capital Requirements Regulation (CRR).