Editor’s Note: For more information on the need for international harmonization of cyber security regulatory standards, see here.
By Juan Carlos Crisanto and Jermy Prenio
It is necessary to explore further collaboration with the industry in strengthening banks’ cyber-security, and to pursue greater cross-border cooperation and harmonisation of practices.
In some jurisdictions (eg Hong Kong and Singapore), regulators are working closely with the industry in creating or promoting platforms for intelligence-sharing, developing a pool of cyber-security professionals, and establishing guidelines on penetration testing. This could be a model that other jurisdictions could use, especially those with limited regulatory and supervisory resources, smaller banks, or a scarcity of cyber-and information security professionals. Moreover, given the scarcity of cyber-security resources and the cross-border nature of cyber-risk, the need for international harmonisation of regulatory expectations and supervisory cooperation cannot be overemphasised.
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