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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