Featured Product

    Dietrich Domanski of FSB on International Cooperation on Cybersecurity

    May 10, 2019

    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

    Related Articles

    BIS Paper Studies Impact of Fintech Lending on Small Businesses in US

    The Bank for International Settlements (BIS) published a paper that studies impact of fintech lending on credit access for small businesses in U.S.

    September 26, 2022 WebPage Regulatory News

    UK Regulators Issue CRR Changes and Stress Test Scenarios for Banks

    The Prudential Regulation Authority (PRA) issued the policy statement PS8/22 to amend the Own Funds and Eligible Liabilities (CRR) Part of the PRA Rulebook and update the supervisory statement SS7/13 titled "Definition of capital (CRR firms).

    September 26, 2022 WebPage Regulatory News

    EBA Launches EU-Wide Transparency Exercise in 2022

    The European Banking Authority (EBA) launched the EU-wide transparency exercise for 2022, with results of the exercise expected to be published at the beginning of December, along with the annual Risk Assessment Report.

    September 23, 2022 WebPage Regulatory News

    SRB on CRR Quick-Fix to Policy for Multiple Point of Entry Banks

    The Single Resolution Board (SRB) welcomed the adoption of the review of the Capital Requirements Regulation, or CRR, also known as the "CRR quick-fix."

    September 22, 2022 WebPage Regulatory News

    EC Rule Lists Advanced Economies for Market Risk Capital Calculations

    The European Commission (EC) recently adopted the Delegated Regulation 2022/1622, which sets out the regulatory technical standards to specify the countries that constitute advanced economies for the purpose of specifying risk-weights for the sensitivities to equity.

    September 21, 2022 WebPage Regulatory News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8521