IOSCO Urges Authorities To Use Existing Standards To Address Cyber Risk

Proshare - Facebook Proshare - Twitter Proshare - Linked In Proshare - WhatsApp

Tuesday, June 18, 2019   / 12:15 PM / By IOSCO / Header Image Credit:Bonova Advisory


The Board of the International Organization of Securities Commissions (IOSCO) today issued a final report that provides an overview of three internationally recognized cyber standards and frameworks used by IOSCO members. It also identifies potential gaps in the application of these standards and seeks to promote sound cyber practices across the IOSCO membership. 

The IOSCO Cyber Task Force (CTF), chaired by J. Christopher Giancarlo, Chairman of the U.S. Commodity Futures Trading Commission, prepared this report for the IOSCO Board.  It is intended to serve as a resource for financial market regulators and firms, raise awareness of existing international cyber standards and frameworks and encourage the adoption of good practices to protect against cyber risk – an important threat to financial markets today. 

Chairman Giancarlo said: “As Chairman of the IOSCO Cyber Task Force, I am pleased to announce the publication of the IOSCO Cyber Task Force’s Final Report. This international effort was led by regulators with significant input from the private sector. The report offers a path, based on existing cyber frameworks, for jurisdictions around the world who are interested in developing a new cyber security and resilience regime or improving an already existing regime.” 

The report examines how IOSCO member jurisdictions apply three internationally recognized cyber standards which are termed the Core Standards in the report. These standards consist of the CPMI-IOSCO Guidance on cyber Resilience for Financial Market Infrastructures; the National Institute of Standards and Technology Framework for improving Critical Infrastructure Cybersecurity; and the International Organization for Standardization 27000 series standards. The report does not propose new cyber standards or guidance. 

By highlighting the application of the Core Standards by some IOSCO members, the CTF hopes more members will review their own cyber standards against the practices of the Core Standards and, where relevant, use the Core Standards as a model to further enhance their cyber regimes. 

Finally, the report sets out a series of questions that firms and regulators may use to promote awareness of cyber good practices or to guide them as they review their own practices.

Proshare Nigeria Pvt. Ltd. 

Related News

1.       SEC Commences Cross-Reference Checklist Review of Bond and Fixed Income Applications

2.      FSB Concludes 2019 Constructive Dialogue On Public Confidence In Auditors and Quality of Audits

3.      SIFMA Statement On The SEC’s Final Regulation Best Interest Rule

4.      SEC’s Outlook On Recent Legal Decisions Impacting Enforcement Effort And Relationships With Partners

5.      SEC Adopts Rules to Enhance Protections and Preserve Choice For Retail Investors In Dealings

6.      CPMI and IOSCO Publish for Public Comment a Paper on CCP Auctions

7.      Emerging Market Regulators Issue Recommendations Related To Sustainable Finance

8.     IOSCO Examines Market Fragmentation and Considers How to Enhance Cross-Border Co-operation

9.      NSE Defers Effective Date Of The Rules Governing Free Float Requirements Until Further Notice

10.  SEC, EFCC To Tackle Crime in the Nigerian Capital Market

11.   SEC Issues Circular On Unclaimed Dividends Of Defunct Skye Bank Plc

12.  CPMI-IOSCO Conclude That The United States Has Fully Implemented The PFMI for PSs, CSDs and SSSs

13.  IOSCO Annual Meeting In Sydney Takes Forward the IOSCO 2019 Workplan


Proshare Nigeria Pvt. Ltd.

Related News