14th November 2014

Cyber resilience in financial market infrastructures report

The Bank of International Settlements and the Committee on Payments and Market Infrastructures (CPMI) has released a report addressing cyber resilience in market infrastructures.  The intention was to analyse the relevance of cyber security issues for FMIs and their overseers within the context of the Principles for Financial Market Infrastructures(PFMIs).

The conclusions of the report are:

a)    cyber resilience is steadily becoming a top priority for FMIs;
b)    FMIs are addressing the risks to broader financial stability posed by cyber threats to their own systems, notwithstanding the challenges of doing so;
c)    FMIs consider a two-hour recovery time objective (2h-RTO) in the context of an extreme cyber event to be challenging (and may take several years to achieve), but some believe there are a number of feasible solutions that can be explored or may already be in place to minimise recovery times; and
d)    FMIs support the regulatory community in providing the impetus for communication and coordinated action in the pursuit of effective solutions

Finally, the report concludes that coordinated action – and possible further guidance – may be necessary.