Cyber attacks and incidents pose a substantial risk to the stability of the overall financial sector. They are increasing both in number and complexity, particularly since the start of the Covid-19 pandemic, as the financial sector is more and more dependent on digital technologies.
Identifying cyber threats properly and protecting from them is a commitment shared by every financial institution. A key success factor is a sound ICT and risk security management framework. However, there are many specific risks that require mitigation solutions, and a well-organised response and recovery plan. Cybersecurity needs to be coordinated at international level. The number of incident reporting requirements varies from country to country. For an organisation with common business infrastructure supporting operations in several countries, this means that a single incident triggers several incident reports to multiple authorities in many different countries.
WSBI-ESBG member banks have expressed their recommendation to policymakers on how to strengthen the digital resilience of the financial sector on a number of occasions. They are currently working on a Financial Stability Board consultation on effective practices for cyber incident response and recovery. Furthermore, WSBI-ESBG is engaged in organising a number of initiatives aimed at raising awareness on cybersecurity topics.
This event is the outcome of a between WSBI-ESBG and GLOBAL CYBER ALLIANCE (GCA) whose global mission is “Uniting the Global Community to Eradicate Cyber Risk", its practical “approach Do Something, Measure It". The event programme aims at ensuring that WSBI member banks, regardless of their size, cyber preparedness level, or compliance environment, have a common understanding of the challenges of global cybersecurity and take the necessary actions to deal with this. One immediate action, easy to track and to achieve, would be to organise a campaign to implement the DMARC standard among WSBI-ESBG members. DMARC, an international protocol for email authentication, is the best-known mechanism to mitigate the spreading of phishing and spam.