With information security rapidly gaining prominence over the last few years legislators have jumped into action to improve safeguards and public confidence in IT systems. While information security concerns prevail across all industries, in financial services
due regard for them is absolutely crucial to the maintenance of functioning markets. Just imagine CCPs losing data on their clients’ positions, or banks tweeting their clients’ accounts balances – not scenarios to be taken lightly!
Covering everything from data protection (e.g. GDPR in Europe) to cybersecurity (e.g. NYCRR 500 in New York State), there is no shortage of regulation enveloping our industry.
The latest addition is a consultation on the Singaporean Cybersecurity Bill. Even before it’s finalised some commonality with other regulations
is apparent, such as defining essential/critical services and introducing specific requirements around monitoring, reporting and risk mitigation.
Financial markets have a long history of lobbying for global standards and serving a worldwide customer base and striving for harmonisation is even more relevant where information security is concerned. Global trade of any kind relies on global IT systems
being compliant in any and all of the regions in which they operate. That makes the adoption of global infosec standards the only feasible way forward.