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The Committee on Payments and Market Infrastructures (CPMI) and the Board of the International Organization of Securities Commissions (IOSCO) have released a joint consultative paper entitled ‘Guidance on cyber resilience for financial market infrastructures.’

Financial market infrastructures (FMIs) play a critical role in promoting the stability of the financial system. Thus, the cyber risks faced by FMIs and their level of readiness to effectively deal with worst case scenarios have been considered top priorities by industry leaders and authorities alike. The Cyber Guidance aims to add momentum to and instil international consistency in the industry’s ongoing efforts to enhance FMIs’ ability to pre-empt cyber attacks, respond rapidly and effectively to them, and achieve faster and safer target recovery objectives if they succeed.

Key concepts built into the Cyber Guidance include:

  • Board and senior management attention is critical to a successful cyber resilience strategy;
  • The ability to resume operations quickly and safely after a successful cyber attack is paramount;
  • FMIs should make use of good-quality threat intelligence and rigorous testing;
  • Cyber resilience requires a process of continuous improvements;
  • Cyber resilience cannot be achieved by an FMI alone; it is a collective endeavour of the whole ‘ecosystem’.

The Cyber Guidance builds on previous studies conducted in this area by both the CPMI and IOSCO.

The consultative report is available here (PDF). Comments should be submitted by Tuesday 23 February 2016 via e-mail to both the CPMI Secretariat ( and the IOSCO Secretariat (

All comments may be published on the websites of the Bank for International Settlements and IOSCO unless a commenter specifically requests confidential treatment.

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