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Thank you for sharing Ted Dziekanowski, yet another example of a regulator focusing down on cybersecurity risk management. With Israel’s Capital Market, Insurance and Savings Authority (CMISA) issuing 2 circulars focusing on risk management and cybersecurity risk management across covered Financial Market registrants.
These circulars have a similar vein to that of the recent SEC cybersecurity Risk Management Proposal and EU DORA. Requiring the implementation of a cybersecurity risk management policy, a board of directors policy for oversight and assurance, a cyber defence policy for protection and incident management, and the implementation of defensive cybersecurity risk management systems. Requiring the assessment of risk and the implementation of appropriate mechanisms to mitigate the issues identified. That one assumes that will be put under the scrutiny of the Israeli regulator.
They represent a significant number of requirements that seem to align with international regulatory proposals. The Basel accords under Basel 3 may provide an appropriate 3 Line of Defence framework for the covered systemically important organisations, however smaller FS firms will have to pay attention. As the breadth and depth of the scope of application is much broader than they are used to, and the implementation of cybersecurity risk management is not the same as the implementation of cybersecurity.
In preparation we have written a comprehensive program to address cybersecurity risk management requirements. With a risk management framework aligned to NIST and FISMA, cybersecurity oversight and assurance aligned through an appropriate RCSA, and a governance framework for reporting of cybersecurity risks and remediation to the board.
#cybersecurity #regulation #governance #cybersecurityriskmanagement #governance #CMISA #dora #securitiesandexchangecommission
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