"In an interconnected world, where financial transactions traverse continents in a matter of seconds, the need for international cooperation in combating cyber threats has become paramount. Cyber-attacks targeting banks not only jeopardize the stability of individual institutions but also have the potential to disrupt financial systems, making it imperative for nations to come together and address this pressing challenge," MK Jain, Deputy Governor, Reserve Bank of India (RBI), remarked on June 5, at a G20 event on cybersecurity. Jain called for countries and financial institutions to work together to address cyber threats, outlining the following six strategies that might help improve the global cyber security environment pertaining to the financial sector: Minimum common cybersecurity framework: Jain advised countries to adopt a minimum common framework for cybersecurity "that outlines best practices and standards for financial institutions to follow." This will "ensure that all institutions are taking the necessary steps to protect themselves from cyber threats," the RBI deputy governor reasoned. Better understanding of interdependencies: "The global financial system’s interdependencies need to be better understood by mapping key operational and technological interconnections, including that of critical infrastructure," Jain advised. Cyber risk also needs to be incorporated into financial stability analysis to "improve the ability to understand and mitigate system-wide risk," Jain added. Intelligence sharing: "To the extent feasible as per domestic laws, countries can share information and intelligence about cyber threats and attacks. This can help to identify emerging threats and vulnerabilities and enable financial institutions to take proactive measures to prevent attacks,"…
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