Cyber Resilience in Financial Market Infrastructures (FMIs) Training Course

Introduction

Financial Market Infrastructures (FMIs) like payment systems, central securities depositories, clearing houses, and trade repositories are the backbone of the global financial system. Their smooth and continuous operation is essential for financial stability. However, the increasing sophistication and frequency of cyber-attacks pose a profound threat to these critical entities, potentially leading to widespread financial disruption, loss of confidence, and systemic risk. This specialized training course provides a deep dive into the principles and practices of building robust cyber resilience within FMIs, equipping participants with the knowledge to safeguard these vital components of the financial ecosystem.

Achieving and maintaining cyber resilience is a paramount concern for all FMIs and their regulators. This intensive 5-day program is designed to provide a comprehensive understanding of the unique cyber threats targeting FMIs, the international standards and best practices for mitigating these risks, and the strategies for effective incident response and recovery. Participants will gain practical insights into implementing the necessary governance, technological, and procedural controls to ensure the secure and uninterrupted operation of financial market infrastructures in the face of evolving cyber challenges.

Duration: 5 Days

Target Audience:

  • Cybersecurity and IT Professionals in FMIs
  • Risk Managers and Operational Resilience Specialists in FMIs
  • Compliance Officers and Regulatory Affairs Professionals
  • Auditors (Internal and External) of FMIs
  • Central Bank Oversight and Supervision Personnel
  • Policy Makers and Regulators of Financial Markets
  • Business Continuity and Disaster Recovery Planners
  • Senior Management and Board Members with FMI oversight
  • Professionals involved in Payment Systems and Securities Settlement
  • Consultants advising on FMI cyber resilience

Objectives:

  • Understand the critical role of FMIs in financial stability and their unique cyber risk profile.
  • Analyze the latest cyber threats and vulnerabilities specifically targeting financial market infrastructures.
  • Implement the principles of the CPMI-IOSCO Guidance on cyber resilience for FMIs.
  • Develop and enhance cyber resilience frameworks tailored to FMI operations.
  • Master strategies for effective cyber incident detection, response, and recovery for FMIs.
  • Evaluate and apply cybersecurity controls and technologies relevant to FMI environments.
  • Understand the importance of information sharing and collaboration in enhancing FMI cyber resilience.
  • Develop a roadmap for continuous improvement and adaptation to evolving cyber risks in FMIs.

Course Modules:

Module 1: Introduction to Cyber Resilience in Financial Market Infrastructures (FMIs)

  • Definition and Importance of FMIs: Payment systems, CSDs, CCPs, Trade Repositories.
  • The Critical Role of FMIs in Financial Stability: Systemic importance and interconnectedness.
  • Overview of the FMI Cyber Threat Landscape: Nation-state actors, organized crime, insider threats, and emerging attack vectors.
  • Impact of Cyber Incidents on FMIs: Operational disruption, financial losses, reputational damage, and systemic risk.
  • International Standards and Regulatory Expectations: Introduction to CPMI-IOSCO Principles for FMIs and their cyber resilience guidance.

Module 2: FMI Cyber Resilience Governance and Strategy

  • Establishing Robust Cyber Governance for FMIs: Board and senior management oversight, roles, and responsibilities.
  • Developing a Comprehensive Cyber Resilience Strategy: Aligning cybersecurity objectives with FMI business goals and risk appetite.
  • Risk Management Frameworks for FMIs: Integrating cyber risk into enterprise-wide operational risk management.
  • Policy and Procedure Development: Crafting effective cybersecurity policies, standards, and guidelines for FMIs.
  • Building a Culture of Cyber Resilience: Promoting awareness, training, and accountability across the organization.

Module 3: Identification and Protection of FMI Critical Assets

  • Identifying Critical FMI Assets: Data, systems, networks, and services essential for core operations.
  • Threat Modeling and Vulnerability Assessment for FMIs: Proactive identification of weaknesses.
  • Network and Infrastructure Security Best Practices: Segmentation, secure configurations, and defensive architectures.
  • Application and Data Security: Secure coding practices, encryption, data integrity, and privacy controls.
  • Identity and Access Management (IAM): Strong authentication, privileged access management (PAM), and least privilege.

Module 4: Cyber Detection and Monitoring in FMIs

  • Implementing Robust Security Operations Center (SOC) Capabilities: Tools, processes, and skilled personnel.
  • Advanced Threat Detection Techniques: Behavioral analytics, anomaly detection, and machine learning for FMI environments.
  • Threat Intelligence and Information Sharing: Leveraging intelligence to anticipate and respond to FMI-specific threats, and industry collaboration.
  • Log Management and Security Information and Event Management (SIEM): Centralized collection, analysis, and correlation of security event data.
  • Continuous Monitoring and Assurance: Real-time oversight of security controls and system health.

Module 5: Cyber Incident Response and Crisis Management for FMIs

  • Developing a Tailored FMI Cyber Incident Response Plan: Preparation, detection & analysis, containment, eradication, recovery, and post-incident review.
  • Communication and Stakeholder Management during a Cyber Crisis: Engaging participants, regulators, and other financial institutions.
  • Business Continuity Management (BCM) and Disaster Recovery (DR) for FMIs: Ensuring continuous operations and rapid restoration of critical services.
  • Cyber Forensics and Post-Incident Analysis: Investigating incidents, identifying root causes, and implementing lessons learned.
  • Conducting Cyber Resilience Exercises and Simulations: Tabletop exercises, red teaming, and full-scale drills to enhance FMI readiness.

Module 6: Supply Chain and Third-Party Risk Management for FMIs

  • Assessing and Managing Third-Party Cyber Risk: Due diligence for vendors, service providers, and cloud services.
  • Contractual Agreements and Service Level Agreements (SLAs): Ensuring cybersecurity requirements are embedded in third-party contracts.
  • Monitoring Third-Party Compliance: Regular assessments, audits, and performance reviews.
  • Interdependencies and Systemic Risk: Understanding and mitigating risks from interconnected entities within the financial ecosystem.
  • Collaborative Resilience: Working with participants and other FMIs to enhance collective cybersecurity.

Module 7: Regulatory Compliance and Supervisory Expectations for FMI Cyber Resilience

  • Deep Dive into CPMI-IOSCO Guidance on Cyber Resilience for FMIs: Detailed review of its key components and expectations.
  • National Regulatory Frameworks and Requirements: Understanding local laws and supervisory directives.
  • Self-Assessment and Reporting: Tools and methodologies for FMIs to assess and report on their cyber resilience posture.
  • Supervisory Methodologies and Tools: How regulators oversee and assess FMI cyber resilience (e.g., TIBER-EU).
  • Enforcement and Remediation: Addressing non-compliance and improving cyber resilience capabilities.

Module 8: Emerging Technologies and Future of FMI Cyber Resilience

  • Cybersecurity Implications of Central Bank Digital Currencies (CBDCs): Security architecture, privacy, and operational resilience.
  • Distributed Ledger Technology (DLT) and Blockchain in FMIs: Opportunities and challenges for cyber resilience.
  • Cloud Adoption and Cybersecurity for FMIs: Secure cloud strategies and managing shared responsibility.
  • AI and Machine Learning for Enhanced FMI Cybersecurity: Opportunities for automation and advanced analytics.
  • Quantum Computing and Post-Quantum Cryptography: Preparing for future cryptographic threats to financial systems.

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

 

Cyber Resilience In Financial Market Infrastructures (fmis) Training Course in Algeria
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