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The Financial Services industry is not known for its willingness to adopt more regulation. So it’s of interest that U.S Financial services associations the Securities Industry and Financial Markets Association (SIFMA), Bank Policy Institute (BPI), Institute of International Bankers (IIB), and American Bankers Association (ABA) recognise the importance and are supporting both incident reporting and the SECs cybersecurity risk management proposed regulations.
Specifically proposals covered by regulation S-P, the cybersecurity risk management rule for broker dealers, clearing Agencies, Major Security-Based Swap Participants, the Municipal Securities Rulemaking Board, National Securities Associations, National Securities Exchanges, Security-Based Swap Data Repositories, Security-Based Swap Dealers, and Transfer Agents.
The U.S is not alone in cybersecurity risk management regulation, with the EU DORA regulation focusing on the implementation of cybersecurity risk management by FIs in Europe. When combined will create a significant compliance challenge for the U.S and EU Financial Services Industry.
With the effects of cybersecurity on economic stability and cyber being considered a national security risk, the SEC is proposing several cyber regulations that affect not only the Financial Services industry but the participants of capital markets. The EU is also focusing on CNI provider and ICT cybersecurity.
Ted Dziekanowski
#cybersecurity #cyberriskmanagement #sifma #bpi #iib #aba
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