An informative and concerning report from the International Monetary Fund (IMF), highlighting the need for Financial Institutions (FI) to improve

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An informative and concerning report from the International Monetary Fund (IMF), highlighting the need for Financial Institutions (FI) to improve their cybersecurity regulatory posture. While one suspects that the larger systemically important FIs may be better protected, the IMF identified:

1. 56% of central banks or supervisory authorities had no national cyber strategy for the financial sector.
2. 42% lacked a dedicated cyber or technology risk management regulation.
3. 64% do not mandate cybersecurity testing.
4. 54% lacked a dedicated cyber incident reporting regime.
There was more………

The report from the IMF does not paint a particularly rosy picture of cybersecurity risk management regulatory oversight and assurance. Coming at a time when the threat of cyber attacks is increasing, there is a lack of cyber resources to create and implement cyber regulatory programs and the cost of compliance is rising.

Ted Dziekanowski

#cybersecurity #cyberriskmanagement #cyberregulation

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