Basel Committee calls for better cyber resilience
- Posted: Tuesday September 21 2021 8:25 AM
The Basel Committee published a newsletter calling on banks to improve their resilience to cyber threats. This follows on from the Committee’s September 15-20 meetings, where it assessed the risks and vulnerabilities of the global banking system and discussed supervisory and policy initiatives.
The newsletter puts cyber-resilience in context with the documents on operational risk and operational resilience published by the Committee on March 31, 2021 (the Revised Principles for Sound Operational Risk Management (PSMOR) and the Principles for Operational Resilience (POR)) indicating that a key element of banks’ operational resilience is resilience to cyber incidents, including those that may arise from outsourcing arrangements.
To achieve cyber resilience, banks must identify and protect themselves from threats and potential failures. They must also react and adapt, as well as recover and learn from disruptive events to minimize their impact on the delivery of operations, especially critical operations.
The bulletin states that the Basel Committee believes it is important that all banking authorities encourage the institutions they oversee to adopt effective tools, practices and frameworks for cyber resilience.