Payment, clearing and settlement operators meet on global cyber-resilience

Key global and regional payment, clearing and settlement operators met at a roundtable in Paris on Friday to discuss cyber-security and the resilience of financial market infrastructures (FMIs) and the wider market ecosystem. 

Senior executives, together with financial authorities, discussed continued collaboration and preparation for and responses to cyber-incidents, with a particular focus on cross-border actions. 

“Against a backdrop of rising cyber-threats, which respect no borders, it is important to have international coordination on these vital issues,” said François Villeroy de Galhau, Governor of the Bank of France.

The meeting, hosted by the Bank of France, was convened by the international standard-setting bodies for FMIs, theCommittee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO), who issued guidance on cyber-resilience in 2016. 

“It is vital for authorities and operators to work together to advance FMIs’ ability to withstand increasingly complex cyber-threats, and to restore services in a timely way in the event of a successful attack,” said CPMI Chair Benoît Cœuré. 

“Ongoing industry engagement on this critical issue has been encouraging and it is essential that we continue to develop this partnership to reinforce the cyber-resilience of financial market infrastructure,” said IOSCO Board Vice-Chair Jean-Paul Servais.