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Cybersecurity
Reporting on regulatory requirements, enforcement actions, and best practices to safeguard financial institutions and markets against cyber threats, data breaches, and vulnerabilities through proactive measures.
Cloud & Infrastructure
Regulatory Intervention Needed to Address Cloud Adoption Risks: BIS Paper
By Manesh Samtani | 18/11/2023
Indirect oversight of CSPs, i.e. requiring financial firms to manage the risks, “may not be sufficient from a systemic perspective”, the paper says.
Data Privacy
China Drafts New Data Security Rules for Auditors
By Editors | 18/11/2023
The rules require auditors to improve data security management, and store audit working papers only within China’s borders.
Anti-Money Laundering
MAS Issues Draft Requirements for Data Sharing Through COSMIC
By Manesh Samtani | 17/11/2023
The requirements cover the internal policies FIs must put in place to share information through COSMIC, and the appropriate use and safeguarding of information received.
AI Risk & Governance
MAS-Backed Consortium Develops GenAI Risk Framework
By Editors | 16/11/2023
The risk framework will enable FIs to use GenAI in a responsible manner, including by leveraging illustrative use cases to better understand its impacts.
Structural Regulation
China: NFRA, CSRC Publish New Details on Scope of Responsibilities
By Editors | 16/11/2023
The NFRA was established in May as a new body to oversee all sectors of the financial industry, except securities, though it is absorbing investor protection responsibilities from the CSRC.
Structural Regulation
India’s AMFI Issues Guidelines for Execution-only Mutual Fund Platforms
By Ajoy K Das | 13/11/2023
The guidelines come ahead of an end-November deadline for platforms selling direct mutual fund schemes to register with AMFI.
Cybersecurity
ASIC Says Cyber Resilience “Must be a Top Priority”
By Sanday Chongo Kabange | 13/11/2023
ASIC’s cyber pulse survey found “significant” cyber security risk management deficiencies at listed companies and licensed entities.
Fraud, Scams & Cybercrime
US Unit of China’s ICBC Suffers Ransomware Attack
By Editors | 10/11/2023
The attack disrupted some of ICBC’s systems and left some trades in the US Treasury and equity markets unable to settle.
Cybersecurity
Korea FSS Issues Guidance on Mitigating Technology Risks
By Editors | 09/11/2023
The guidelines are intended to improve the level of IT internal control in the financial industry and improve the resilience of individual firms.
Operational Risk
DBS to Strengthen In-House Software Engineering Team
By Editors | 08/11/2023
DBS chief Piyush Gupta said deeper engineering talent is needed in-house to troubleshoot software bugs such as those that caused this year’s service disruptions.
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