FSB published the results of a stocktake on cybersecurity regulations, guidance, and supervisory practices. FSB published two reports: a summary report and a detailed analysis of the results of the stocktake. The reports are informed by the responses of FSB member jurisdictions and international bodies to a survey conducted by FSB. The summary report also sets out key themes raised in an FSB workshop in September that brought together public and private sector participants to discuss cybersecurity in the financial sector.
The stocktake had been delivered to this week’s meeting of G20 Finance Ministers and Central Bank Governors in Washington DC. To enhance cross-border cooperation, the G20, at its March 2017 meeting in Baden-Baden, had asked FSB, as a first step, to perform the stocktake. FSB member jurisdictions have been active in addressing cybersecurity, with all member jurisdictions having released regulations or guidance that address cybersecurity for the financial sector. Findings of the FSB stocktake include:
- All FSB member jurisdictions report drawing on a small body of previously developed national or international guidance or standards when developing their own regulatory or supervisory schemes for the financial sector.
- Two-third of the reported regulatory schemes take a targeted approach to cybersecurity and/or information technology risk and one-third address operational risk generally.
- Some elements commonly covered by regulatory schemes targeted to cybersecurity include risk assessment, regulatory reporting, role of the board, third-party interconnections, system access controls, incident recovery, testing, and training.
- Jurisdictions remain active in further developing their regulation and guidance. Seventy-two percent of jurisdictions report plans to issue new regulations, guidance, or supervisory practices that address cybersecurity for the financial sector within the next year.
- International bodies also have been active in addressing cybersecurity for the financial sector. There are a number of similarities across the international guidance issued by different sectoral standard-setting bodies and other international organizations. Many of the same topics are addressed, including governance, risk analysis and assessment, information security, expertise and training, incident response and recovery, communications and information sharing, and oversight of interconnections.
Keywords: International, Banking, Cyber Risk, Cybersecurity Regulations, Fintech, FSB
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