Instances of Banks suffering cyber attacks are on the rise. Cyber attacks were reported this week on Banks in India. In fact Reserve Bank of India (India's Central Bank) came out with rigorous guidelines on Cyber Security Framework in June 2016. It is time
for the major Central Banks of the world to come together and lead the fight against this economic menace.
Today US regulators proposed 'Enhanced Cyber Risk Management Standards' to certain entities with total consolidated assets of $50 billion or more on an enterprise-wide basis.
Proposed standards address five categories of a comprehensive cyber risk management program
1. Cyber risk governance
2. Cyber risk management
3. Internal dependency management
4. External dependency management
5. Incident response, cyber resilience and situational awareness.
It is a welcome step amd would spur the other Country's regulators to frame the cyber security guidelines at the earliest.
© Finextra Research 2016