The European Banking Federation has published a position paper containing international cyber-security, data and technology principles that it has jointly agreed with the Global Financial Markets Association and the International Swaps and Derivatives Association.
The aim of the principles is to set out key considerations to be taken into account when a nation or one of its agencies or standard-setting bodies creates laws, regulations, or standards that affect the technology infrastructure of financial services firms operating globally.
The paper highlights two crucial issues that must be recognised before principles for effective policy-making can be established: (i) cyber-security, data protection and technological advancement are international issues requiring global solutions; and(ii) cyber-security threats, risks, and the technology that mitigate them shift faster than regulations and standards can respond.
The paper concludes that the best approach for developing technology policies is open and transparent formulation and implementation, which allows stakeholders to provide meaningful input to regulators. This helps ensure that the resulting regulations are effective, compatible with global norms, and unlikely to cause unintended consequences.