Lagos – The International Organisation of Securities Commissions (IOSCO) and the Committee on Payments and Market Infrastructures (CPMI) on Wednesday released the final report guidance on cyber resilience for Financial Market Infrastructures (FMIs).
This is contained in the report posted on IOSCO website and obtained by the News Agency of Nigeria (NAN) in Lagos.
The statement stated that the report was the first internationally agreed guidance on cyber security for the financial industry.
It explained that the report was developed against the backdrop of a rising number of cyber attacks witnessed in the financial sector which were becoming increasingly sophisticated.
The report said that the aim of the cyber report was to drive the industry’s ongoing efforts toward enhancing FMIs ability to preempt cyber attacks, respond rapidly and effectively to them.
It added that it would enable FMIs to achieve faster and safer target recovery objectives if the attacks succeed.
According to the groups, another goal is 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,’’ the report said.
The CPMI Chairman, Mr Benoît Cœuré, was quoted by the report as saying, that the initiative was a landmark report for the financial industry.
“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,” he said.
Also speaking, the IOSCO Chairman, Mr Ashley Alder, said that implementation of the guidance was very important and would strengthen the cyber resilience of FMIs and the ecosystem within which they operate.
“Implementation of the guidance represents an important step in strengthening the cyber resilience of FMIs and the ecosystem within which they operate,” Alder said.
According to him, the safe and efficient operation of FMIs is essential in maintaining and promoting financial stability and economic growth.
“If the guidance is not properly managed, FMIs can be a source of financial shocks, such as liquidity dislocations, credit losses, or a major channel through which these shocks are transmitted across domestic and international financial markets.
“In this context, the level of cyber resilience, which contributes to an FMI’s operational resilience, can be a decisive factor in the overall resilience of the financial system and the broader economy,” he said.
NAN reports that IOSCO is the leading international policy forum for securities regulators and is recognized as the global standard setter for securities regulation.
The organisation’s membership regulates more than 95 per cent of the world’s securities markets in more than 115 jurisdictions. (NAN)