On May 10, 2016, several industry associations jointly published a paper titled International Cybersecurity, Data and Technology Principles and urged the Financial Stability Board and the International Organization of Securities Commissions to take the Principles into account when developing policy and standards on cyber security, data and technology. The industry associations believe that cyber security for global financial institutions can only be addressed at an international level and are concerned that the rules of individual jurisdictions may lead to technology systems of global businesses becoming disintegrated, resulting in harm to competition, innovation and investors. The industry associations recommend that the Principles should be taken into account when any country creates laws, regulations, rules or standards on cyber security that could affect the framework of financial services firms that operate on a global basis. The industry associations are the European Banking Federation, the Global Financial Markets Association and the International Swaps and Derivatives Association.
The Principles are available at: http://www.ebf-fbe.eu/wp-content/uploads/2016/05/InternationalTechPrinciples.pdf.
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