The BBA is now integrated into UK Finance. Please go to www.ukfinance.org.uk for new content and updates from UK Finance.
Material published by BBA prior to 1st July 2017 is still available on this website.
From 1 July 2017, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. It will represent around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation will take on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.x
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.
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