Course Details

Cyber Risks in Financial Market Infrastructure/National Payments for Central Banks Training Course

 INTRODUCTION

In today’s interconnected world, financial market infrastructure (FMI) and national payment systems are the backbone of a nation’s financial stability. Central banks play a pivotal role in managing and overseeing these systems, ensuring their safety, efficiency, and resilience against emerging threats. One of the most pressing threats in recent times is cyber risk. The increasing digitalization of financial services, coupled with the sophistication of cyber-attacks, poses significant challenges for central banks globally.

This course on "Cyber Risks in Financial Market Infrastructure and National Payments" is designed to equip central bank professionals and other relevant stakeholders with the knowledge and tools necessary to understand, mitigate, and manage cyber risks in financial systems. The course focuses on the specific vulnerabilities within financial market infrastructures and payment systems and provides practical strategies for enhancing resilience.

DURATION

5 days

COURSE OBJECTIVES

By the end of this course, participants will be able to:

1. Understand Cyber Risks – Gain a comprehensive understanding of cyber risks specific to FMIs and national payment systems, including emerging trends, techniques, and threats.
2. Assess Cyber Vulnerabilities – Learn how to identify, assess, and prioritize vulnerabilities in financial market infrastructures and national payment systems.
3. Regulatory Frameworks and Standards – Explore global standards, regulatory frameworks, and best practices such as the CPMI-IOSCO, the Financial Stability Board’s (FSB) recommendations, and the Basel Committee’s principles for managing cyber risks.
4. Mitigate Cyber Threats – Develop strategies for mitigating cyber risks, including preventive measures, detection mechanisms, and response and recovery plans.
5. Crisis Management and Resilience – Understand how to implement and coordinate effective crisis management plans in the event of a cyber incident, ensuring minimal disruption to critical infrastructure.
6. Collaboration and Information Sharing – Promote collaboration between public and private sectors, financial institutions, and regulatory bodies to enhance the cyber resilience of national payments and FMIs.

COURSE CONTENT

Module 1: Introduction to Cyber Risks in FMIs and National Payment Systems

• Overview of FMIs and payment systems: Functions and importance
• Cyber risk landscape in the financial sector
• Key stakeholders in cyber resilience (central banks, FMIs, payment service providers, etc.)

Module 2: Cyber Risk Identification and Vulnerability Assessment

• Identifying potential cyber threats and attack vectors
• Cybersecurity vulnerabilities specific to payment systems and FMIs
• Risk assessment methodologies and tools

Module 3: Regulatory Frameworks and Cybersecurity Standards

• Key international standards for cybersecurity in FMIs (CPMI-IOSCO, BIS principles)
• National and regional regulatory frameworks
• Compliance requirements and enforcement mechanisms

Module 4: Cybersecurity Mitigation Strategies for FMIs

• Best practices in cybersecurity for FMIs and national payment systems
• Cyber risk management framework development
• Incident response planning and real-time monitoring

Module 5: Crisis Management and Cyber Resilience

• Building resilience against cyber attacks in FMIs and payment systems
• Crisis management and response: Case studies and exercises
• Cyber resilience testing: Red-teaming, penetration testing, and simulation exercises

Module 6: Collaboration and Information Sharing

• Importance of collaboration between central banks, financial institutions, and regulators
• Role of information sharing networks (e.g., FS-ISAC)
• Strengthening public-private partnerships to combat cyber risks

Module 7: Future Trends and Emerging Cyber Threats

• Impact of emerging technologies on cyber risks (AI, blockchain, quantum computing)
• The evolution of cyber threats: Ransomware, phishing, insider threats
• Preparing for the future of cybersecurity in FMIs and payments

CERTIFICATION

• Upon successful completion of this training, participants will be issued with Macskills Training and Development Institute Certificate

TRAINING VENUE

• Training will be held at Macskills Training Centre. We also tailor make the training upon request at different locations across the world.

AIRPORT PICK UP AND ACCOMMODATION

• Airport pick up and accommodation is arranged upon request

TERMS OF PAYMENT

• Payment should be made to Macskills Development Institute bank account before the start of the training and receipts sent to info@macskillsdevelopment.com