Dietrich Domanski of FSB on International Cooperation on Cybersecurity
The FSB Secretary General Dietrich Domanski spoke at the G7 2019 conference on cyber-security. He talked about the case for international cooperation on cyber-security, highlighted important challenges for cooperation, and discussed the FSB work to promote cyber-security against this backdrop.
Mr. Domanski highlighted that international cooperation on cyber-security in the financial sector is strong and perhaps even stronger than in other areas of regulation. However, significant challenges exist in the international cooperation on cyber-security and these include a host of issues around the sharing of information related to cyber risks and security. The rapid evolution of cyber threats raises the question on whether cooperation processes are sufficiently agile to be fully effective, both in terms of speed and in terms of involvement of relevant stakeholders. These challenges are not fundamentally different from those that international regulatory and supervisory cooperation has had to deal with in the past. The cooperation on cyber-security at early stages put onus on the three aspects of cooperation—enhancing mutual understanding of the issues, ensuring that there is a common language that facilitates effective communication between authorities and the private sector, and identifying possible solutions and making progress in areas where confidentiality of information is less of an issue.
With respect to the aspects of cooperation, the work of FSB on cyber-security includes the following:
- On enhancing mutual understanding, FSB in 2017 took stock of financial sector cyber-security regulations, guidance, and supervisory practices.
- On helping to build a common language, FSB in 2018 published a cyber lexicon to support the work of FSB, standard-setting bodies, authorities, and private-sector participants to address financial sector cyber resilience.
- On finding solutions, FSB is developing effective practices for cyber incident response and recovery. The objective is to identify a set of tools that the private sector and authorities can use in designing incident response and recovery policies. FSB will publish a survey on this next month and will consult on the related report early next year.
- As part of the ongoing work to assess vulnerabilities in the financial system, FSB will continue to discuss issues related to cyber risks as part of its ongoing work .
Related Link: Speech (PDF)
Keywords: International, Banking, Insurance, Securities, Cyber Security, Cyber Risk, International Cooperation, Cyber Lexicon, FSB
Previous Article
MAS and Bank of Canada Run Trial on Cross-Border Payments Using DLTRelated Articles
BOE Sets Out Its Thinking on Regulatory Capital and Climate Risks
The Bank of England (BOE) published a working paper that aims to understand the climate-related disclosures of UK financial institutions.
OSFI Finalizes on Climate Risk Guideline, Issues Other Updates
The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.
BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending
BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.
HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks
The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.
BCBS Report Examines Impact of Basel III Framework for Banks
The Basel Committee on Banking Supervision (BCBS) published results of the Basel III monitoring exercise based on the June 30, 2022 data.
PRA Consults on Prudential Rules for "Simpler-Regime" Firms
Among the recent regulatory updates from UK authorities, a key development is the first-phase consultation, from the Prudential Regulation Authority (PRA), on simplifications to the prudential framework that would apply to the simpler-regime firms.
DNB Publishes Multiple Reporting Updates for Banks
DNB, the central bank of Netherlands, updated the list of additional reporting requests and published additional data quality checks and XBRL-Formula linkbase documents for the first quarter of 2023.
NBB Sets Out Climate Risk Expectations, Issues Reporting Updates
The National Bank of Belgium (NBB) published a communication on climate-related and environmental risks, issued an update on XBRL reporting
EBA Updates Address Securitization Standards and DGS Guidelines
The European Banking Authority (EBA) published the final draft of the regulatory technical standards that set out conditions for assessment of homogeneity of the underlying exposures in simple, transparent, and standardized (STS) securitizations.
FSB Publishes Letter to G20, Sets Out Work Priorities for 2023
The Financial Stability Board (FSB) published a letter intended for the G20 Finance Ministers and Central Bank Governors, highlighting the work that FSB will take forward under the Indian G20 Presidency in 2023
