WASHINGTON — More than 150 banks and many of the world’s largest vendors, working through a collaboration with trade groups, have launched a “best practices” assessment tool for applying cybersecurity regulations globally.
The assessment is voluntary, but institutions such as HSBC and Citigroup are hoping that it can better streamline compliance with international cyber rules.
“We’re in roughly 67 countries and from a regulatory perspective to date for information cybersecurity we’ve identified about 330 regulations around the globe with close to 80 of those just being in the U.S.,” said Ann Lavis, senior vice president, U.S. head of information security risk at HSBC. “The only way we can beat all the threats that are coming in today, and there are going to be so many more coming, is if we start talking more with each other. But we’ve got to have that common framework.”
Bankers argue that each year they are bogged down by hundreds of questions from examiners at various regulatory agencies on cybersecurity risk management that could be streamlined.
In response, the Financial Services Sector Coordinating Council, made up of a handful of global banking…
