Global regulators have been formalising cyber rules in recent months.
The European Banking Federation and trade
bodies the Global Financial Markets Association and the
International Swaps and Derivatives Association have agreed a
set of common principles to improve cyber security.
"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. "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."
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