CPMI And IOSCO Provide Global Cybersecurity Guidance

The Committee on Payments and Market Infrastructures ("CPMI") and IOSCO released a final report that contained the "first internationally agreed guidance on cybersecurity for the financial industry."

Key concepts contained in this guidance include the following:

• cyber governance should be prioritized by board and senior management;
• the ability to resume operations quickly and safely after a successful cyberattack is paramount;
• financial market infrastructures ("FMIs") should make use of rigorous testing and good-quality threat intelligence;
• FMIs should instill a culture of cyber-risk awareness, and should improve and undertake ongoing reevaluations of their cyber resilience at every level of their organizations; and