Cyber Risk Management for Central Banking Systems Training Course

Introduction

Central banking systems form the bedrock of a nation's financial stability, managing critical functions such as monetary policy, financial market infrastructures (FMIs), and national payment systems. The increasing digitalization of these operations, while offering immense efficiencies, simultaneously exposes them to sophisticated and evolving cyber threats. This specialized training course is meticulously designed to equip central bank professionals with the advanced knowledge and practical skills necessary to identify, assess, mitigate, and respond to the complex cyber risks threatening these highly sensitive and interconnected systems.

Given the systemic importance of central banks, a successful cyber-attack could have catastrophic consequences, impacting financial stability, public trust, and even national security. This intensive 5-day program will delve into the unique vulnerabilities of central banking infrastructure, from interbank payment systems to digital currency initiatives, and provide a comprehensive understanding of international best practices and regulatory frameworks for cyber resilience. Participants will leave with the ability to develop robust cyber risk management strategies, enhance their institution's defensive posture, and contribute to the overall cyber resilience of the financial ecosystem.

Duration: 5 Days

Target Audience:

  • Central Bank IT and Cybersecurity Professionals
  • Risk Management Officers in Central Banks
  • Financial Stability Analysts
  • Payment Systems Oversight Specialists
  • Internal and External Auditors of Central Banks
  • Policy Makers involved in Financial Sector Regulation
  • Legal and Compliance Professionals in Central Banks
  • Researchers and Academics focusing on Financial Cybersecurity
  • Senior Management and Board Members of Central Banks

Objectives:

  • Understand the unique cyber threat landscape facing central banking systems and financial market infrastructures.
  • Identify critical assets and vulnerabilities within central bank IT environments and payment systems.
  • Develop robust cyber risk assessment and management frameworks tailored for central banks.
  • Implement best practices for cyber resilience, including prevention, detection, response, and recovery.
  • Analyze international standards and regulatory expectations for cybersecurity in financial services.
  • Enhance the ability to conduct cyber incident response and crisis management within a central banking context.
  • Explore the cybersecurity implications of emerging technologies like Central Bank Digital Currencies (CBDCs).
  • Foster a culture of cybersecurity awareness and shared responsibility across the central bank.

Course Modules:

Module 1: Introduction to Cyber Risk in Central Banking Systems

  • Overview of Central Bank Functions and Critical Infrastructure: Monetary policy, payment systems, FMIs (e.g., clearing, settlement, securities depositories).
  • The Evolving Cyber Threat Landscape for Central Banks: Advanced persistent threats (APTs), ransomware, supply chain attacks, nation-state actors.
  • Unique Vulnerabilities of Central Banking Systems: Systemic importance, high-value targets, interconnectedness, trust infrastructure.
  • Impact of Cyber Incidents on Financial Stability: Systemic risk, reputational damage, economic disruption.
  • International and National Perspectives on Central Bank Cybersecurity: Regulatory expectations and collaborative efforts.

Module 2: Cyber Risk Governance and Frameworks

  • Establishing a Robust Cyber Security Governance Structure: Roles, responsibilities, and accountability at board and management levels.
  • Key Cybersecurity Frameworks for Central Banks: Adapting NIST CSF, ISO 27001, and other relevant standards to the central bank context.
  • Developing a Cyber Risk Management Strategy: Aligning cybersecurity with organizational objectives and risk appetite.
  • Risk Assessment Methodologies for Central Banking Systems: Identifying, analyzing, and evaluating cyber risks unique to the sector.
  • Building a Culture of Cybersecurity Awareness: Training, communication, and fostering a security-conscious environment.

Module 3: Protecting Central Bank Systems and Data

  • Network and Infrastructure Security: Segmentation, firewalls, intrusion detection/prevention systems (IDS/IPS), zero-trust architectures.
  • Application Security: Secure software development lifecycle (SSDLC), vulnerability management, penetration testing.
  • Data Security and Privacy: Encryption, data loss prevention (DLP), data integrity, compliance with privacy regulations.
  • Identity and Access Management (IAM): Strong authentication, privileged access management (PAM), least privilege principles.
  • Supply Chain Risk Management: Managing cybersecurity risks from third-party vendors and service providers.

Module 4: Detection and Monitoring for Cyber Threats

  • Security Operations Center (SOC) Capabilities: Tools, processes, and skilled personnel for continuous monitoring.
  • Threat Intelligence and Information Sharing: Leveraging intelligence to anticipate and mitigate emerging threats, public-private partnerships.
  • Log Management and Security Information and Event Management (SIEM): Centralized logging, correlation, and analysis of security events.
  • Behavioral Analytics and Anomaly Detection: Identifying unusual patterns that may indicate a cyber-attack.
  • Proactive Threat Hunting: Actively searching for unknown threats within central bank networks.

Module 5: Cyber Incident Response and Crisis Management

  • Developing a Central Bank Cyber Incident Response Plan: Preparation, detection & analysis, containment, eradication, recovery, and post-incident review.
  • Communication Protocols during a Cyber Crisis: Internal and external communication strategies, stakeholder management (e.g., government, financial institutions, public).
  • Business Continuity and Disaster Recovery Planning for Central Banks: Ensuring operational resilience during and after a cyber incident.
  • Forensics and Post-Mortem Analysis: Investigating incidents to understand root causes and improve defenses.
  • Exercising and Testing Incident Response Capabilities: Drills, simulations, and tabletop exercises to enhance readiness.

Module 6: Cyber Resilience for Financial Market Infrastructures (FMIs) and Payment Systems

  • CPMI-IOSCO Principles for FMIs: Specific guidance on cyber resilience for systemically important financial infrastructures.
  • Cybersecurity in National Payment Systems: Real-time gross settlement (RTGS) systems, retail payment systems, and their unique vulnerabilities.
  • Cross-Border Payment Systems Security: SWIFT security controls and international cooperation.
  • Addressing Systemic Cyber Risk in the Financial Sector: Interdependencies, contagion risk, and sector-wide initiatives.
  • Supervisory Approaches to FMI Cyber Resilience: Central bank oversight roles and responsibilities.

Module 7: Cybersecurity in Emerging Central Banking Technologies

  • Central Bank Digital Currencies (CBDCs) and Cybersecurity: Security architecture, privacy considerations, and fraud prevention for digital currencies.
  • Cloud Computing in Central Banking: Security implications, risk mitigation, and regulatory compliance for cloud adoption.
  • Artificial Intelligence (AI) and Machine Learning (ML) in Cybersecurity: Opportunities for enhanced detection and challenges of AI risks.
  • Quantum Computing and Cryptography: Understanding future threats to current encryption standards.
  • Fintech and Open Banking Cybersecurity: Managing risks from API integrations and new financial service providers.

Module 8: Legal, Regulatory, and Geopolitical Aspects of Cyber Risk

  • Legal and Regulatory Frameworks for Cybersecurity: Domestic laws, international agreements, and their impact on central banks.
  • Data Governance and Cross-Border Data Flows: Managing data residency, sovereignty, and privacy in a global context.
  • Geopolitical Cyber Threats and State-Sponsored Attacks: Understanding the motivations and capabilities of sophisticated adversaries.
  • International Cooperation and Information Sharing: Collaborating with other central banks, law enforcement, and intelligence agencies.
  • Building National Cyber Resilience: The central bank's role in fostering overall national cybersecurity within the financial sector.

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 Risk Management For Central Banking Systems Training Course in Malta
Dates Fees Location Action