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.
Keywords: Europe, UK, Banking, Securities, Insurance, Cyber Resilience, Cyber Risk, Cyber Security, Regtech, FCA
MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.
PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.
EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.
BCBS and FSB published a report on supervisory issues associated with benchmark transition.
IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.
ESMA updated the reporting manual on the European Single Electronic Format (ESEF).