Financial Institutions Must Prioritize Cyber Resilience Framework to Ensure Operations

A robust cyber resilience framework is essential for financial institutions to maintain the stability and efficiency of their operations. A recent report emphasizes the importance of identifying, mitigating, and managing cyber risks to support financial stability objectives.

Comprehensive Approach Needed

• A comprehensive approach is necessary, covering not only ICT systems but also people and processes.
• The framework should include timely communication to enable collaboration with relevant stakeholders in responding to and recovering from cyber attacks.
• Consistency with the enterprise operational risk management framework is also essential, recognizing that cyber resilience shares common elements with policies, procedures, and controls established for other areas of risk.

Integrated View of Cyber Threats

• The report highlights the importance of taking an integrated and comprehensive view of potential cyber threats.
• A financial institution’s cyber resilience framework should consider regular review and active mitigation of cyber risks from and posed to its participants, other financial institutions, vendors, vendor products, and service providers.

Alignment with International Standards

• Financial institutions are encouraged to align themselves with leading international standards, guidelines, or recommendations for managing cyber threats, reflecting current industry best practices.
• The Central Bank may also require compliance with specific standards and verify adherence through regular assessments.

Designation of Senior Executive

• The report recommends designating a senior executive responsible and accountable for executing the cyber resilience framework within an organization.
• This role should possess expertise and knowledge to competently plan and execute cyber resilience initiatives.

Identification and Classification

• A financial institution’s ability to understand its internal situation and external dependencies is critical in responding to potential cyber threats.
• The report outlines areas where a financial institution should identify and classify:
  • Business processes
  • Information assets
  • External dependencies

By implementing a robust cyber resilience framework, financial institutions can mitigate the risks associated with cyber attacks, ensuring the stability and efficiency of their operations.

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