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Financial Cyber Security Action Plan 2.0: Strengthening Cyber Defense Capabilities in Taiwan

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The Financial Supervisory Commission (FSC) in Taiwan has implemented a comprehensive action plan to enhance the cyber defense capabilities of financial institutions and build a secure environment for financial services development.

Key Objectives

The Financial Cyber Security Action Plan 2.0 aims to:

  • Enhance the overall cybersecurity posture of financial institutions
  • Improve incident response and recovery capabilities
  • Foster a culture of cybersecurity within the financial industry

Action Items

To achieve these objectives, the FSC has outlined the following action items:

Establish Zero Trust Networks

Financial institutions should adopt user identification, device identification, and trust inference mechanisms to improve network security.

Hire Cyber Security Personnel with Diverse Specialties

Financial institutions should appoint sufficient numbers of cybersecurity personnel and provide them with professional training and certifications.

Improve Cyber Intelligence Sharing Capabilities

The FSC will enhance the depth and breadth of intelligence analysis and facilitate prompt provision of accurate and comprehensive early warnings and defense recommendations.

Conduct Regular Cyber Security Exercises

The FSC will hold various types of cybersecurity exercises, including:

  • DDoS offensive and defensive exercises
  • Live cybersecurity offensive and defensive exercises
  • Major cybersecurity incident situational exercises

Implement Differential Regulatory Treatment

Depending on the characteristics of different lines of business and operational risks, the FSC will adopt graded cyber security standards to balance attention to financial institutions’ actual cyber defense needs with feasibility of implementation.

Implementation Plan

The Financial Cyber Security Action Plan 2.0 will be implemented through:

  • Public-private partnership
  • Differential regulatory treatment
  • Resource sharing
  • Compliance incentives
  • International cooperation

Timeline

The plan will be implemented over a period of three years, with quarterly reviews and adjustments as needed.

Overall, the Financial Cyber Security Action Plan 2.0 aims to create a robust cybersecurity environment for financial services development in Taiwan, promoting innovation and confidence among consumers.