UK financial cyber-resilience program may have global influence

6 July 2018 7:29am
British financial regulators are borrowing an environmentalist credo for their approach to operational resilience against cyberattacks and other system mishaps: Think globally, act locally.

The Bank of England and the UK’s Financial Conduct Authority today set out plans for domestic financiers — banks, insurers, investment firms and the like — plus market infrastructure such as payment systems, exchanges and clearinghouses.

UK companies will be expected to develop — and assure regulators of — their ability to bounce back and minimize disruptions from cyberattacks, computer-system shutdown, power outages or other system mishaps. The regulators remain a ways off from drafting rules, but sketched out their intentions in a paper seeking public input.