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Cybersecurity & financial institutions

Cybersecurity & financial institutions

​​​​​​​​​​​​​​​WSBI, Global Cyber Alliance convene financial sector debate on cybersecurity, from strategy to operations

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>> Discover: Global Cyber Alliance

BRUSSELS, 14 September 2020 – WSBI and the Global Cyber Alliance recently announced a joint effort to organise this autumn a webinar series focused on cybersecurity. 

​The association of savings and retail banks, with ​more than 80 members in some 100 countries, see cyber attacks and incidents posing a substantial risk to the stability of the overall financial sector. Attacks have increased both in number and complexity, particularly since the start of the Covi​d-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. ​

​Seminar 1: ​Cyber transformations & setting up a strategy for change

Set to be held throughout October, November and December, the series kicks off on 8 October with a plenary session to raise awareness of the main challenges related to cybersecurity, the opportunities available to mitigate these challenges and tools available to help the financial sector reduce risk and build a cyber resilient banking culture.​ Designed for senior managers, the first session focuses on addressing cyber risk and trust​ followed by a second session on cyber​security as a transformation process. >> Programme​ | >> Register

Seminar 2: Cyber transformations & operational challenges

A session on 20 October aims to encompass the concerns of both smaller and larger financial institutions on cyber security  from basic cyber hygiene and digitalisation to the new challenges of the human factor and highly-disruptive cyber attacks ​ as they walk through the cyber transformation process.​ The session welcomes to attend operations managers such as chief information security officers, chief operating officers and chief security officers. >> Programme​ 

​Regional seminars: Cyber transformations & leadership approach

​Three regional training webinars on 5, 12 &19 November focus on the notion of leadership through real-life inspired simulations of different crisis scenarios. Practical cyber crime cases will be identified to exercise the leadership and collaborative approach in dealing with challenges by maximising the participants’ stress resilience and reducing the risk of human error. 

WSBI-ESBG: Raising awareness on cybersecurity

WSBI-ESBG member banks have expressed their recommendation to policymakers on how to strengthen digital resilience of the financial sector in a number of occasions. They have recently responded to the European Commission consultations on digital resilience, and on a European digital finance strategy, and they are 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.

The programme below is the outcome of a crucial project 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 programme has for objective to ensure that WSBI-ESBG member banks, regardless of their size, cyber preparedness level, or compliance environment, have a common understanding on the challenges of global cyber security and further take the necessary actions to deal with the different facets of this of cybersecurity. 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.​

About GCA

The Global Cyber Alliance is an international, cross-sector effort dedicated to eradicating cyber risk and improving our connected world. GCA was formed in September 2015 by the Manha​ttan District Attorney’s Office, the City of London Police, and the Center for Internet Security to unite global communities, implementing solutions to address systemic cyber risk and measuring the effect of those solutions.​

Security; Digitalisation; Internet banking; Information Technology