Work on a set of global standards for financial institutions to deal with cyberattacks continues, with plans for a public consultation early next year, according to the Financial Stability Board (FSB).
The global policy group published a progress report on Tuesday on its work at developing best practices for financial institutions to handle cyberattacks, along with tools for regulators to support firms that are dealing with these sorts of incidents.
“Cyber incidents pose a threat to the stability of the global financial system,” the FSB said in its report.
“Ensuring that financial institutions are resilient to cyber incidents is crucial for a smooth functioning of the financial system and in engendering financial stability,” it added.
The FSB said it will launch an online survey in July to help identify financial institutions’ best practices for handling cyber incidents, and will work on developing a set of best practices through October.
It aims to launch a public consultation on the proposed standards in early 2020, and said it will be finalized by September 2020.
“This project seeks to mitigate the implications of cyber incidents on financial stability, by taking into account their cross-border and cross-sectoral nature. It will also leverage on the shared experience and diversity of perspectives gathered in the course of this work,” the FSB said.