Featured Product

    FSB Publishes Stocktake on Regulatory Practices in Cybersecurity

    October 13, 2017

    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.

     

    Related Links (PDFs)

    Keywords: International, Banking, Cyber Risk, Cybersecurity Regulations, Fintech, FSB


    Related Articles
    News

    APRA Revises Standard on Margin Rules for Uncleared Derivatives

    APRA revised CPS 226, which is the prudential standard on margin and risk mitigation requirements for non-centrally cleared derivatives.

    September 19, 2019 WebPage Regulatory News
    News

    PRA Issues Consultation on Prudent Person Principle Under Solvency II

    PRA, via the consultation paper CP22/19, has set out its proposed expectations for investment by firms, in accordance with the Prudent Person Principle (PPP).

    September 18, 2019 WebPage Regulatory News
    News

    EIOPA Forms Consultative Expert Group on Digital Ethics in Insurance

    EIOPA established the Consultative Expert Group on Digital Ethics in Insurance to assist EIOPA in the development of digital responsibility principles in insurance.

    September 17, 2019 WebPage Regulatory News
    News

    FDIC Approves Proposal to Amend Swap Margin Rule

    FDIC approved what would be a joint proposal by the US Agencies (FCA, FDIC, FED, FHFA, and OCC) to amend regulations that require swap dealers and security-based swap dealers under the agencies’ respective jurisdictions to exchange margin with their counterparties for swaps that are not centrally cleared (Swap Margin Rule).

    September 17, 2019 WebPage Regulatory News
    News

    FASB Proposes Taxonomy Changes Related to Topics 848 and 470

    FASB proposed taxonomy improvements for the proposed Accounting Standards Update on topic 848 on facilitation of effects of reference rate reform on financial reporting.

    September 16, 2019 WebPage Regulatory News
    News

    BoE Statement on Recalculating Transitional Measures Under Solvency II

    BoE notified that it will be willing to accept applications from firms to recalculate transitional measure on technical provisions (TMTP) as at September 30, 2019.

    September 16, 2019 WebPage Regulatory News
    News

    BIS Hosts Conference to Discuss Issues from Emergence of Stablecoins

    BIS hosted a conference in Basel to discuss policy and regulatory issues posed by the emergence of stablecoin initiatives backed by financial institutions and large technology companies.

    September 16, 2019 WebPage Regulatory News
    News

    BIS Paper on Embedded Supervision of Blockchain-Based Financial Market

    BIS published a working paper that investigates ways to regulate and supervise blockchain-based financial markets.

    September 16, 2019 WebPage Regulatory News
    News

    BoE Paper on Market-Implied Systemic Risk and Shadow Capital Adequacy

    BoE published a working paper that presents a forward-looking approach to measure systemic solvency risk.

    September 13, 2019 WebPage Regulatory News
    News

    HKMA Consults on Policy Module on Pillar 2 Supervisory Review Process

    HKMA is consulting on the revised Supervisory Policy Manual module CA-G-5 that sets out the HKMA approach to conducting the supervisory review process under Pillar 2.

    September 13, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3830