Urges FMI to implement recommendations

The Committee on Payments and Market Infrastructures (CPMI) and the International Organisation of Securities Commissions (IOSCO) have released the final report guidance on cyber resilience for financial market infrastructure.

The report is the first internationally agreed guidance on cyber security for the financial industry.

According to a report from IOSCO, it was developed against the backdrop of rising number of cyber attacks witnessed in the financial sector, even as the attacks are becoming increasingly sophisticated.

It explained that the aim of the cyber report was to drive the industry’s ongoing efforts towards enhancing FMIs ability to preempt cyber attacks, respond rapidly and effectively to them, as well as achieve faster and safer target recovery objectives if the attacks succeed.

Another goal, according to the groups was to ensure that these efforts to build resilience are similar from one country to another. Thus, the cyber guidance provides authorities with a set of internationally agreed guidelines to support consistent and effective oversight and supervision of FMIs in the area of cyber risk.

Reacting to the development, the Chairman of the CPMI, Benoît Cœuré, described it as a landmark report for the financial industry.

“This is a landmark report for the financial industry. Financial Market Infrastructure (FMIs) has 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,” he said.