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FIA comments on ECB draft cyber resilience oversight expectations

FIA comments on ECB draft cyber resilience oversight expectations

5 June 2018 1:45pm EDT

FIA offered comments to the European Central Bank on June 5 regarding the draft cyber resilience oversight expectations for financial market infrastructures.

In the comments, FIA urged the ECB to adopt a principles-based approach that encourages the use of best practices by global FMIs and allows regulatory harmonization without requiring operations within the Eurosystem to be ring-fenced due to conflicting requirements. A key concern is that prescriptive cyber security requirements cause financial institutions to focus more on compliance than resilience and innovation in emerging technologies.

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FIA Response - ECB Cyber Resilience Oversight Expectations.pdf (113.15 KB)

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