Regulatory approaches to enhance banks’ cyber- security frameworks

Editor’s Note: For more information on the need for international harmonization of cyber security regulatory standards, see here.

From: Bank for International Settlements | Financial Stability Institute | FSI Insights on policy implementation No 2

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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