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Summary Report on Financial Sector Cybersecurity Regulations, Guidance and Supervisory Practices

October 13, 2017

Cyber attacks are a threat to the entire financial system, a fact that is underscored by recent reports of significant and successful attacks both inside and outside the financial sector. The 2016 attack on the Bangladesh Bank resulted in the theft of $81 million, the WannaCry ransomware attack infected more than 250,000 computer systems in 150 countries, and the recent Equifax hack is estimated to have resulted in the compromise of personal information of up to 143 million individuals. 1 The changing nature of cyber risk to financial institutions is driven by several factors, including evolving technology, which can lead to new or increased vulnerabilities; interconnections among financial institutions and between financial institutions and external parties, e.g. through cloud computing and FinTech providers who may be outside the regulatory perimeter; determined efforts by cyber criminals to find new methods to attack and compromise IT systems; and the attractiveness of financial institutions as targets for cyber criminals seeking illicit financial gain.2 Recognising the threat from cyber risks and the critical nature of enhancing financial institution resilience to those risks, authorities across the globe have taken regulatory and supervisory steps designed to facilitate both the mitigation of cyber risk by financial institutions, and their effective response to, and recovery from, cyber attacks.

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Summary Report on Financial Sector Cybersecurity Regulations, Guidance and Supervisory Practices