CPMI and IOSCO Release Joint Consultative Paper on Cyber Resilience

The Committee on Payments and Market Infrastructures ("CPMI") and IOSCO released a consultative paper titled Guidance on Cyber Resilience for Financial Market Infrastructures. The paper provides authorities with a set of internationally approved guidelines in order to support the consistent and effective oversight and supervision of financial market infrastructures ("FMIs”) in the area of cyber risk.

The authors of the paper set out preparations and measures for FMIs to undertake in order to enhance their cyber resilience capabilities. The goal of the enhancement is to limit the escalating risks that cyber threats pose to FMIs and financial stability.