Advisory to Financial Institutions on Cyber-Events and Cyber-Enabled Crime

FinCen advisory for banks to understand their obligations

Financial Crimes Enforcement Network advisory assists financial institutions in understanding their obligations regarding cyber-events and cyber-enabled crime. Advises on: i) reporting cyber-enabled crime and cyber-events; ii) including relevant and available cyber-related information in suspicious activity reports (SARs); iii) collaborating between Bank Secrecy Act/Anti-Money Laundering units and in-house cybersecurity units to identify suspicious activity; and iv) sharing information including cyber-related information, among financial institutions to guard against and report money laundering, terrorism financing, and cyber-enabled crime. 

Publisher: National Regulators     Release date: Oct 2016     Country: United States

Type: Consultative, discussion and issues paper

Topics: Operational risk

Sectors: Banking

Enhanced Cyber Risk Management Standards

FRB, FDIC and OCC consultation on enhanced standards for cybersecurity risk management

US Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency consultation on potential enhanced cybersecurity risk management and resilience standards to apply to large banks as well as to services provided by third parties to these firms. Standards would increase operational resilience and reduce impact on financial system in case of a cyber event experienced by one of these entities. 

Publisher: National Regulators     Release date: Oct 2016     Country: United States

Type: Consultative, discussion and issues paper

Topics: Operational risk

Sectors: Banking

Deadline for comments: Jan 2017

Singapore Payments Roadmap

MAS roadmap to promote electronic payments in Singapore

Monetary Authority of Singapore roadmap to promote electronic payments. Recommendations include: i) current regulatory regime governing payments and remittances be streamlined to create a single and modular regime that will be applied on an activity basis, rather than on specific payment systems; and ii) strengthening governance model and creating a national payments council that fosters innovation, competition and collaboration in the payments industry, including leveraging FinTech. Supports key ongoing infrastructure projects as having potential to transform payment landscape for recurring, retail and peer-to-peer payments, with the implementation of interoperable solutions. These include enabling more convenient payments through a centralized addressing system and creating a seamless consumer experience with unified point-of-sale payment terminals.

Publisher: National Regulators     Release date: Aug 2016     Country: Singapore

Type: Consultative, discussion and issues paper

Topics: Operational risk

Sectors: Banking

Cyber Risk in the Insurance Sector

IAIS issues paper discusses cyber risk and mitigation of risks

International Association of Insurance Supervisors issue paper discusses challenges presented by cyber risk, including current and contemplated supervisory approaches for addressing these risks. Provides background, describes current practices, identifies examples, and explores related regulatory and supervisory issues and challenges. Focuses on cyber risk to the insurance sector and the mitigation of such risks. 

Publisher: Global Standard-Setting Bodies     Release date: Aug 2016    

Type: Consultative, discussion and issues paper

Topics: Operational risk

Sectors: Insurance

Guidance for Firms Outsourcing to the ‘Cloud’ and Other Third-party IT Services

FCA guideline clarifies requirements on firms that outsource IT functions

Financial Conduct Authority guidance for banks to oversee all aspects of the life cycle of outsourcing arrangements, from making decision to outsource, selecting an outsourcing provider, monitoring outsourced activities on an ongoing basis, andthrough to exit.

Publisher: National Regulators     Release date: Jul 2016     Country: United Kingdom

Type: Guideline

Topics: Operational risk

Sectors: Banking

Cyber Security in Securities Markets

IOSCO consultation discusses regulatory approaches to cyber security and tools available to respond to cyber risk

International Organization of Securities Commissions discussion paper about regulatory approaches to cyber security. Covers key segments of securities markets, including issuers, trading venues, market intermediaries, asset managers and financial market infrastructures and addresses related regulatory issues, challenges and approaches. Also describes practices adopted by market participants. Report underscores issues and opportunities for cooperation and information sharing among market participants and regulators. 

Publisher: Global Standard-Setting Bodies     Release date: Apr 2016    

Type: Consultative, discussion and issues paper

Topics: Operational risk

Sectors: Securities