The principles are published in the paper called International Cybersecurity, Data and Technology Principles, and are designed as a starting point for dialogue with policy-makers, industry and other stakeholders at the global level. The principles offer key considerations to be taken into account when a nation or one of its agencies or standard-setting bodies creates laws, regulations, or standards that affect the technology infrastructure of financial services firms operating globally.
The groups are submitting these principles to the Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO), each uniquely positioned as international standard-setting organizations, to seek their views and guidance on this process.
“A strong, open and resilient technological ecosystem is essential to the health and protection of financial markets. Increased reliance on and use of technology creates benefits, but also engender inherent risks,” the groups note in the paper. “We applaud governments for paying closer attention to this critically important issue. It is also important, however, that countries and jurisdictions tackling risks do not create rules that inadvertently force global businesses to fragment their technology systems, impeding competition and innovation and thereby harming investors.”
The paper highlights two crucial issues that must be recognized before principles for effective policy-making can be established. First, cybersecurity, data protection and technological advancement are international issues requiring global solutions. Second, cybersecurity threats, risks, and the technology that mitigate them shift faster than regulations and standards can respond.
The paper concludes that the best approach for developing technology policies is open and transparent formulation and implementation, which allows stakeholders to provide meaningful input to regulators.
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