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IOSCO Growth and Emerging Markets Committee conducts cyber resilience exercise

Global emerging capital market regulators met last week in Bali, Indonesia, at the IOSCO Growth and Emerging Markets (GEM) Committee annual meeting hosted by the Indonesian Financial Services Authority to further work on strengthening systemic resilience while remaining alert to market risks.

During the meeting the GEM Committee held a regulatory exercise featuring a world first cyber-attack simulation involving participants across more than 40 jurisdictions, and focused specifically on the role of securities regulators when dealing with cyber-attacks on regulated entities. The simulation provided a critical platform to raise awareness of the consequences of the evolving cyber-threat and to discuss effective responses.

The GEM Committee identified the over-arching themes during the simulation as:

  • The need to have a clear, well-defined and institutionalised crisis management plan in place;
  • The need to balance a proactive and reactive regulatory approach to respond and facilitate recovery in the event of a major cyber breach affecting regulated entities;
  • The importance of cross-border cooperation and information sharing; and
  • The importance of effective and clear communication with the general public, investors, affected entity, other market participants, law enforcement and other agencies and bodies.

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