POLL: banks need global cybersecurity standards

Author: Zoe Thomas | Published: 8 Jul 2015

The growing threat of cybersecurity has led to the growing promise of regulation

How should financial regulators tackle cybersecurity risks?
Many authorities, from the International Organisation of Securities Commissions (Iosco) to the New York Department of Financial Services (NYDSF), plan to issue guidance or rules on cybersecurity. In doing so, their biggest hurdle will be shaping a framework that offers the market a minimum standard of protection, while also being flexible enough to fit each institution's needs.

This month's IFLR quick poll asks readers what role financial regulators should play in relation to cybersecurity.

The majority of respondents feel that to properly regulate cybersecurity at financial institutions, global regulatory standards must be agreed. Many cyber threats are cross-border and most financial institutions operate internationally. Having to satisfy a variety of standards can lead to skewed coverage.

"When banks have significant operations in different countries there will need to be regulatory...