June 29, 2016

CPMI and IOSCO Provide Global Cybersecurity Guidance

The Committee on Payments and Market Infrastructures ("CPMI") and IOSCO released a final report that contained the "first internationally agreed guidance on cybersecurity for the financial industry."

Key concepts contained in this guidance include the following:

  • cyber governance should be prioritized by board and senior management;

  • the ability to resume operations quickly and safely after a successful cyberattack is paramount;

  • financial market infrastructures ("FMIs") should make use of rigorous testing and good-quality threat intelligence;

  • FMIs should instill a culture of cyber-risk awareness, and should improve and undertake ongoing reevaluations of their cyber resilience at every level of their organizations; and

  • because cyber resilience is the collective endeavor of an entire "ecosystem," it cannot be achieved by an FMI alone.

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