ECB Consults on Cyber Resilience Oversight Expectations for FMIs
ECB launched a public consultation on the draft expectations for cyber resilience oversight for financial market infrastructures. ECB is calling on FMIs and other interested parties to give their input. Comments are due by June 05, 2018.
The cyber resilience oversight expectations are based on the global guidance on cyber resilience for FMIs from an oversight perspective. This guidance was published by the CPMI-IOSCO in June 2016. FMIs were required to apply the guidance immediately. Overseers have been working to develop an oversight approach for assessing the FMIs within their jurisdiction against the guidance. The cyber resilience oversight expectations serve three key purposes:
- They set out clear criteria against which the overseers assess the FMIs for which they are responsible, helping them to determine the FMIs’ level of resilience against cyber threats
- They provide FMIs in the euro area with concrete steps to implement the guidance and enhance their cyber resilience over a prolonged period of time
- They provide the basis for a meaningful discussion between the FMIs and their respective overseers
Cyber resilience is an important aspect of the operational resilience of FMIs and efficient operation of FMIs is essential for maintaining and enhancing financial stability. If not properly managed, FMIs can be sources of financial shocks, such as credit losses. They can also be a major channel through which these shocks are transmitted across domestic and international financial markets.
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Comment Due Date: June 05, 2018
Keywords: Europe, EU, Banking, PMI, FMI, Cyber Resilience, Cyber Risk, ECB
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