The Committee on Payments and Market Infrastructures (CPMI) and the Board of the International Organization of Securities Commissions (IOSCO) have released the final report Guidance on cyber resilience for financial market infrastructures
According to IOSCO, Cyber Guidance is the first internationally agreed Guidance on cyber security for the financial industry.
It has been developed against the backdrop of a rising number of cyber
-attacks against the financial sector and in a context where attacks are becoming increasingly sophisticated.
IOSCO in a statement quoted Benoît Cœuré, Chairman of
the CPMI as saying: “This is a landmark report for the financial industry. FMIs have come to the fore as financial sector hubs at a time when cyber resilience is a key priority for the financial industry. This is indeed a timely document, and FMIs should take action immediately to implement its recommendations.”
The aim of the Cyber Guidance is to add momentum to the industry’s ongoing efforts to enhance financial market infrastructures’ (FMIs’) ability to pre-empt cyber-attacks, respond rapidly and effectively to them, and achieve faster and safer target recovery objectives if the attacks succeed.