ICT risk management practices for banks detailed
The Basel Committee on Banking Supervision has published a report detailing observed information and communication technology (ICT) risk management practices. The report focuses on non-malicious ICT incidents to enhance banks' operational resilience.
Enhancing operational resilience
The Basel Committee on Banking Supervision (BCBS) has released a report detailing observed practices in information and communication technology (ICT) risk management.
This publication underscores the critical role of ICT as a fundamental component of operational risk management, directly contributing to the broader objective of achieving robust operational resilience within the banking sector.
The Committee highlights that banks' ability to effectively manage and recover from ICT incidents has become increasingly vital in the rapidly evolving and digitalized technological landscape.
The report specifically concentrates on non-malicious ICT incidents that can impact the delivery of critical banking operations and services, thereby complementing the BCBS's existing work on cyber resilience.
It aims to identify, describe, and compare diverse ICT risk management practices and regulatory and supervisory approaches observed across various jurisdictions.
A reference for future oversight
The documented practices within the report are intended to serve as valuable reference points for both individual banks and supervisory authorities.
These insights can help institutions adapt and develop ICT risk management frameworks that are most appropriate for their specific operational contexts and evolving challenges.
Furthermore, the Basel Committee affirms its ongoing commitment to closely monitor developments and facilitate the exchange of supervisory insights related to the broader digitalization of finance and financial technology.
This forward-looking perspective includes a specific focus on advancements in artificial intelligence models and their potential implications for banks' cybersecurity measures, all from a prudential regulatory standpoint.