The Financial Stability Board has published a consultation report on “Effective Practices for Cyber Incident Response and Recovery”. The toolkit of effective practices aims to assist financials institutions in their cyber incident response and recovery activities.
Cyber incidents pose a threat to the stability of the European financial systems; and recently, the increased number of major cyber incidents has significantly impacted European financial institutions and the ecosystems in which they operate. If not properly contained, a major cyber incident could seriously disrupt financial systems which would lead to broader financial stability implications. Therefore, an efficient and effective response and recovery from cyber incidents by organisations in the financial ecosystem is essential to limit any related financial stability risks. The toolkit from the FSB consists of 46 effective practices that are structured across these seven components:
- Governance – frames how cyber incident and recovery is organised and managed
- Preparation – establishing and maintaining capabilities to respond to cyber incidents, and restoring critical functions, processes, activities, systems and data that could be affected by cyber incidents
- Analysis – ensuring effective response and recovery activities and identifying the root cause of the cyber incident to drive an appropriate response
- Mitigation – preventing the aggravation of the situation and eradicating cyber threats in a timely manner helps to alleviate their impact on business operations and services
- Restoration – repairing and restoring systems and/or assets affected by the cyber attack is key to safely resuming business-as-usual activities.
- Improvement – establishing processes to improve response and recovery capabilities through learning from previous cyber incidents and proactive tools
- Coordination & communication – coordinating with stakeholders to maintain good cyber situational awareness and enhancing the cyber resilience of the ecosystem.
The Financial Stability Board welcomes comments and responses to the questions set out in the consultation report, by the 20th July 2020.