The Committee on Payments and Market Infrastructures (CPMI) the global standard setter for payment, clearing and settlement services, has established a task force to look into the security of wholesale payments that involve banks, financial market infrastructures and other financial institutions. According to the press release, the first phase of the work is seeking to review current practices in this area and, based on the input, the CPMI will decide on the next steps to take. This initiative builds on previous work by the CPMI on cyber security and operational risk, and more generally, on existing procedures to continuously test and strengthen infrastructure.
The CPMI’s work builds on its previous efforts on cyber security and operational risk and, more generally, existing procedures to continuously test and strengthen infrastructure. Previous publications include the CPMI guidance on cyber resilience for financial market infrastructures. Our blog entry on this guidance can be found here and here.
View Central banks are reviewing wholesale payments security, 16 September 2016