Operational resilience - The UK supervisory approach
In May 2018, the ECB published the Framework for testing resilience to Cyber Attacks. A few days ago, the Bank of England (BoE) and the Financial Conduct Authority (FCA) have released a Discussion Paper (DP) on Operational Resilience.
The DP emphasizes incident recovery – using the concept of "impact tolerance" – and highlights the regulators’ focus on the ability of firms to resume critical business services, introducing enhanced expectations for Boards and senior management in the UK financial sector. The DP is of primary interest to CROs, COOs, CISOs, heads of operational resilience or cyber risk and Board members at financial services firms regulated by the BoE, FCA or Prudential Regulation Authority (PRA).