Financial Crime World

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Financial Regulatory Institutions Must Ensure Cybersecurity Measures Are in Place

A recent report has highlighted the importance of cybersecurity measures for financial regulatory institutions (FRFIs). The report emphasizes that FRFIs must establish and maintain robust cybersecurity practices to ensure the confidentiality, integrity, and availability of their technology assets.

Technology Service Performance Must Be Monitored and Improved

The report stresses that FRFIs should establish technology service management standards with defined performance indicators and service targets. These standards should be regularly reviewed to ensure that technology services are delivered efficiently and effectively.

Disaster Recovery Plans Must Be in Place

FRFIs must also develop, implement, and maintain an Enterprise Disaster Recovery Program (EDRP) to support their ability to deliver technology services during disruptions. The EDRP should establish accountability for the availability and recovery of technology services, identify key dependencies, and provide plans and procedures for recovering technology services.

Cybersecurity Must Be a Top Priority

The report highlights the importance of cybersecurity in protecting FRFIs’ technology assets. FRFIs must proactively identify, defend, detect, respond, and recover from external and insider cyber threats. This includes implementing information and cybersecurity threat assessments, vulnerability assessments, and regular testing and exercises to identify vulnerabilities.

Key Findings

  • FRFIs should establish technology service management standards with defined performance indicators and service targets.
  • FRFIs must develop, implement, and maintain an Enterprise Disaster Recovery Program (EDRP) to support their ability to deliver technology services during disruptions.
  • FRFIs must proactively identify, defend, detect, respond, and recover from external and insider cyber threats.
  • Cybersecurity is a top priority for FRFIs, and they must ensure that adequate controls are in place to protect structured and unstructured data.

Recommendations

  • FRFIs should implement robust cybersecurity practices to safeguard their technology assets.
  • FRFIs should regularly review security use cases with a view to strengthening reliance on preventive versus detective controls.
  • FRFIs should maintain continuous situational awareness of the external cyber threat landscape and its threat environment.
  • FRFIs should participate in industry threat intelligence and information sharing forums and subscribe to timely and reputable threat information sources.

By implementing these measures, FRFIs can ensure the confidentiality, integrity, and availability of their technology assets and maintain trust with their customers.