Financial Sector’s Cybersecurity : Regulations and Supervision
The Financial Sector’s Cybersecurity: Regulation and Supervision identifies prevalent concepts and practices and presents them in a way for financial sector authorities to consider and apply to their respective jurisdictions. Starting with the deba...
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| Format: | Report |
| Language: | English |
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World Bank, Washington, DC
2018
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| Online Access: | http://documents.worldbank.org/curated/en/686891519282121021/Financial-sector-s-cybersecurity-regulations-and-supervision http://hdl.handle.net/10986/29378 |
| Summary: | The Financial Sector’s Cybersecurity:
Regulation and Supervision identifies prevalent concepts and
practices and presents them in a way for financial sector
authorities to consider and apply to their respective
jurisdictions. Starting with the debate of whether
cyber-specific regulations are necessary, the Paper goes on
to discuss the essential coordination between financial
sector authorities and other state agencies in dealing with
cyber risk. It then moves on to the topic “taxonomies” as we
all need to have a common language when speaking about
cybersecurity to avoid any misunderstanding. Next sections
discuss the issue of reiterating, or in some cases
redefining, the responsibilities of the Board, Senior
Management, and the Information Security Officer,
specifically in Dealing with cybersecurity. Next, a
prominent feature in many supervisory/regulatory practices
is the role of incident response and recovery, as well as
requirements of tests and simulations. Lastly, the paper
covers the managing of outsourcing risk. |
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