25 September 2017
visit www.ncr.com

CPMI-Iosco release guidance on cyber resilience for financial market infrastructures

29 June 2016  |  4757 views  |  0 Security

Against the backdrop of a rising number of sophisticated cyber-attacks on the financial services sector, new guidance on how financial market infrastructures (FMIs) should protect themselves has been put out by a couple of global bodies.

Put together by the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (Iosco), the report aims to offer best guidance for FMIs as they guard against the kind of cyber hit that could threaten the resilience of the financial system and broader economy.

Although the new report does not set out new standards beyond the CPMI-Iosco Principles for Financial Market Infrastructures, it offers extra detail on how FMIs should work to pre-empt cyber attacks, respond rapidly and effectively to them, and achieve faster and safer target recovery objectives if the attacks succeed.

The CPMI and Iosco are keen to ensure that there is consistency in how FMIs from different parts of the world approach the issue, stressing that if these infrastructures are not properly managed they can be a source of financial shocks, such as liquidity dislocations and credit losses, or a major channel through which these shocks are transmitted across markets.

"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," says Benoît Cœuré, chairman of the CPMI.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Swift's Perez-Tasso warns of defining cybersecurity moment

Swift's Perez-Tasso warns of defining cybersecurity moment

16 June 2016  |  8685 views  |  0 comments | 8 tweets | 15 linkedin
US lawmakers to investigate Fed's cyber security

US lawmakers to investigate Fed's cyber security

06 June 2016  |  5830 views  |  0 comments | 8 tweets | 4 linkedin
SEC bills cyber threats as biggest risk to financial markets

SEC bills cyber threats as biggest risk to financial markets

18 May 2016  |  5648 views  |  0 comments | 6 tweets | 11 linkedin
Iosco puts digital disruption high up the risk agenda

Iosco puts digital disruption high up the risk agenda

02 March 2016  |  8501 views  |  0 comments | 5 tweets | 6 linkedin
US bank regulator raises prospect of cyber-security legislation; Iosco also on guard

US bank regulator raises prospect of cyber-security legislation; Iosco also on guard

19 September 2013  |  11282 views  |  0 comments | 9 tweets | 12 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.capgemini.comvisit www.vasco.comvisit www.sibos.com

Top topics

Most viewed Most shared
AXA launches blockchain to cover late flight compensationAXA launches blockchain to cover late flig...
11282 views comments | 15 tweets | 30 linkedin
SBI Ripple Asia advances on South KoreaSBI Ripple Asia advances on South Korea
9036 views comments | 16 tweets | 1 linkedin
Apple P2P payments service nears launchApple P2P payments service nears launch
8850 views comments | 19 tweets | 27 linkedin
European Commission makes fintech a priority in supervisory shakeupEuropean Commission makes fintech a priori...
8545 views comments | 34 tweets | 46 linkedin
hands typing furiouslyBlockchain is a new way of thinking?
7145 views 2 | 10 tweets | 1 linkedin

Featured job

A minimum of £200K (not a limiting factor)
London

Find your next job