Cybersecurity Framework for Financial Institutions
It is a well known fact that many financial institutions run on outdated legacy IT systems that are extremely vulnerable to modern cyber-attack vectors. Very daunting for a single financial institution to design and implement a robust data protection protocol and architecture without any guidance from market best practices.
The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system. At the October 2018 Plenary meeting, the FSB agreed to develop effective practices relating to a financial institution’s response to, and recovery from, a cyber incident. The FSB issued a survey to collect feedbacks on market best practices from financial institutions due by August 28, 2019. If you are concerned about helping to set global best cybersecurity practices for the financial sector, please complete this survey here.
Crafting a cybersecurity standard for the financial sector helps stem liabilities from data breaches, which often leads to class action lawsuits and regulatory investigations.