Basel Committee calls for improved cyber resilience
- Published: Tuesday, 21 September 2021 08:25
The Basel Committee has published a newsletter calling on banks to improve their resilience to cyber threats. This follows the Committee's meetings of 15th and 20th September, during which it assessed risks and vulnerabilities to the global banking system and discussed supervisory and policy initiatives.
The newsletter puts cyber resilience in context with the operational risk and operational resilience documents published by the Committee on 31st March 2021 (the revised Principles for the Sound Management of Operational Risk (PSMOR) and the Principles for Operational Resilience (POR)) stating that a key component of banks' operational resilience is resilience to cyber incidents, including those that may arise from outsourcing arrangements.
Attaining cyber resilience requires banks to identify and protect themselves from threats and potential failures. They must also respond and adapt to, as well as recover and learn from, disruptive events to minimise their impact on the delivery of operations, particularly critical operations.
The newsletter says that the Basel Committee believes that it is important for all banking authorities to encourage the institutions they oversee to adopt tools, effective practices, and frameworks for cyber resilience.