FCA Issues Insights on Cyber Resilience Practices in Financial Sector
FCA published a report on insights on the cyber resilience practices in the financial industry. The report presents examples of the cyber security practices that firms have shared with FCA. FCA hopes that these practices and experiences will help firms when considering where to prioritize their efforts in increasing cyber resilience.
Since 2017, FCA has brought together over 175 firms across different financial sectors to share information and ideas from their cyber experiences. FCA runs the Cyber Coordination Groups (CCGs) with industry to help improve cyber-security practices among members of the CCGs and their sectors. Over the last year, the groups have been discussing and sharing practices in the areas of Governance, Identification, Protection, Detection, Situational Awareness, Response and Recovery, and Testing. FCA has collated the examples shared by firms and set out those it considers to be beneficial for a wider audience under each of these themes:
- Putting good governance in place
- Identifying what needs to be protected
- Protecting assets appropriately
- Using good detection systems
- Being aware of emerging threats and issues
- Being ready to respond and recover
- Testing and refining defenses
The insights in this publication may be relevant for small and medium-size firms. However, FCA encourages all firms to consider whether these insights may be useful to them. FCA warns that this document should not be considered as FCA guidance, as it does not set out the FCA expectations about what systems and controls firms should have in place to comply with its regulatory requirements. However, many of the shared examples support existing guidance from the National Cyber Security Center.
Related Links
Keywords: Europe, UK, Banking, Securities, Insurance, Cyber Resilience, Cyber Risk, Cyber Security, Regtech, FCA
Previous Article
APRA Consults on Options to Revise the Prudential Standard LPS 117Related Articles
BIS Quarterly Review Discusses Developments in Fintech and ESG Space
BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.
BCBS to Consult on Supervisory Practices for Climate Risks by Year-End
The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards
OCC Identifies Operational Risk Deficiencies in MUFG Union Bank
The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.
EC Rule on Contractual Recognition of Write Down and Conversion Powers
The European Commission (EC) published the Delegated Regulation 2021/1527 with regard to the regulatory technical standards for the contractual recognition of write down and conversion powers.
ECB to Consider Climate Risks When Reviewing Collateral Framework
In a response to the questions posed by a member of the European Parliament, the President Christine Lagarde highlighted the commitment of the European Central Bank (ECB) to an ambitious climate-related action plan along with a roadmap, which was published in July 2021.
SRB Provides Update on Approach to Prior Permissions Regime
The Single Resolution Board (SRB) published a Communication on the application of regulatory technical standard provisions on prior permission for reducing eligible liabilities instruments as of January 01, 2022.
APRA Issues Further Guidance on Application of Securitization Standard
The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to provide guidance to authorized deposit-taking institutions on the interpretation of APS 120, the prudential standard on securitization.
ACPR Publishes Corrective Version of RUBA Taxonomy
The French Prudential Control and Resolution Authority (ACPR) published the corrective version of the RUBA taxonomy Version 1.0.1, which will come into force from the decree of January 31, 2022.
Nordea Bank and EIB Sign Agreement to Fund Green Projects in Nordics
The European Commission (EC) announced that Nordea Bank has signed a guarantee agreement with the European Investment Bank (EIB) Group to support the sustainable transformation of businesses in the Nordics.
APRA Publishes FAQs on Capital Treatment of Overseas Subsidiaries
The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to clarify the regulatory capital treatment of investments in the overseas deposit-taking and insurance subsidiaries.
