Fortifying Finance: Cybersecurity Risk Oversight In Capital Markets Training Course

Introduction

The escalating threat of cyberattacks poses a significant risk to the stability and integrity of capital markets. This critical training course directly addresses this growing concern, equipping supervisors with the essential knowledge and frameworks to effectively assess and oversee the cybersecurity resilience of capital market participants. Participants will gain a comprehensive understanding of the evolving cybersecurity landscape, common attack vectors targeting financial institutions, and the best practices for establishing robust cybersecurity risk oversight. Mastering cybersecurity risk oversight in capital markets is paramount for safeguarding the financial system and protecting market participants from malicious cyber threats.

This intensive training course delves into the specific cybersecurity risks faced by capital market participants, including exchanges, clearing houses, investment firms, and other key entities. We will explore the various types of cyberattacks, such as ransomware, phishing, and distributed denial-of-service (DDoS) attacks, and their potential impact on market operations and data security. Participants will learn how to assess the cybersecurity resilience of supervised entities, understand relevant regulatory frameworks and international standards, and develop strategies for effective cybersecurity risk oversight, ensuring a more secure and resilient capital markets ecosystem.

Target Audience

• Capital Markets Supervisors
• Regulatory Technology (RegTech) Specialists
• IT Security Professionals in Regulatory Agencies
• Compliance Officers
• Risk Management Professionals
• Internal Auditors
• Policy Analysts

Course Objectives

• Understand the evolving cybersecurity threat landscape and its specific implications for capital markets.
• Identify common cyberattack vectors and techniques targeting financial institutions and market participants.
• Learn how to assess the cybersecurity resilience of capital market participants using recognized frameworks and standards.
• Understand the key elements of a robust cybersecurity risk management framework for supervised entities.
• Explore relevant national and international cybersecurity regulations, guidelines, and best practices for the financial sector.
• Develop strategies for overseeing the implementation and effectiveness of cybersecurity controls within capital market participants.
• Learn how to evaluate the incident response and recovery capabilities of supervised entities in the event of a cyberattack.
• Understand the importance of information sharing and collaboration in addressing cybersecurity threats within the financial sector.
• Explore the role of technology and automation in enhancing cybersecurity risk oversight.
• Learn how to assess third-party cybersecurity risks within the capital markets ecosystem.
• Understand the supervisory expectations regarding board-level oversight of cybersecurity risks.
• Develop frameworks for assessing the cyber resilience of critical market infrastructure.
• Understand the emerging threats and supervisory considerations related to cloud adoption and new technologies in capital markets.

Duration

10 Days

Course content

Module 1: The Evolving Cybersecurity Threat Landscape in Capital Markets

• Understanding the current state of cyber threats targeting the financial sector for your module.
• Analyzing the motivations and capabilities of different cyber threat actors (e.g., state-sponsored, criminal).
• Exploring emerging cyber threats and attack trends relevant to capital markets.
• Understanding the interconnectedness of the financial system and the potential for systemic cyber risk.
• Examining the impact of geopolitical events on the cybersecurity landscape.

Module 2: Common Cyberattack Vectors and Techniques Targeting Financial Institutions

• Deep diving into various attack vectors such as phishing, malware, ransomware, and social engineering for your module.
• Understanding Distributed Denial-of-Service (DDoS) attacks and their impact on market operations.
• Exploring advanced persistent threats (APTs) and their potential for long-term compromise.
• Analyzing supply chain attacks targeting financial institutions and their service providers.
• Understanding insider threats and the risks posed by privileged access.

Module 3: Frameworks and Standards for Assessing Cybersecurity Resilience

• Exploring recognized cybersecurity frameworks such as NIST Cybersecurity Framework, ISO 27001, and others relevant to financial services for your module.
• Understanding how to apply these frameworks to assess the cybersecurity maturity and resilience of capital market participants.
• Examining industry-specific standards and guidelines for cybersecurity in the financial sector.
• Learning how to evaluate the implementation and effectiveness of security controls.
• Understanding the role of risk assessments in determining cybersecurity resilience.

Module 4: Key Elements of a Robust Cybersecurity Risk Management Framework

• Understanding the essential components of a comprehensive cybersecurity risk management framework for supervised entities for your module.
• Exploring governance and organizational structures for cybersecurity oversight.
• Analyzing risk identification, assessment, and treatment processes.
• Understanding the importance of cybersecurity policies, standards, and procedures.
• Examining the role of training and awareness programs in building a security-conscious culture.

Module 5: Relevant National and International Cybersecurity Regulations and Guidelines

• Examining key national cybersecurity regulations and their specific requirements for capital market participants for your module.
• Understanding relevant international standards and guidance issued by bodies like the FSB, IOSCO, and BIS.
• Analyzing the legal and regulatory obligations related to data protection and breach notification.
• Exploring cross-border regulatory cooperation in addressing cyber threats.
• Understanding the evolving regulatory landscape for cybersecurity in the financial sector.

Module 6: Overseeing the Implementation and Effectiveness of Cybersecurity Controls

• Developing strategies for supervising the implementation of technical and organizational cybersecurity controls within capital market participants for your module.
• Evaluating the effectiveness of security measures such as firewalls, intrusion detection systems, and access controls.
• Understanding the role of vulnerability management and penetration testing.
• Assessing the implementation of data loss prevention (DLP) and encryption technologies.
• Monitoring compliance with established cybersecurity policies and standards.

Module 7: Evaluating Incident Response and Recovery Capabilities

• Understanding the key elements of an effective cyber incident response plan for supervised entities for your module.
• Learning how to assess the preparedness and capabilities of capital market participants to detect, respond to, and recover from cyberattacks.
• Examining business continuity and disaster recovery plans in the context of cyber incidents.
• Evaluating communication protocols and stakeholder management during a cyber crisis.
• Understanding the importance of post-incident analysis and lessons learned.

Module 8: Information Sharing and Collaboration in Addressing Cyber Threats

• Understanding the critical role of information sharing and collaboration between supervisors, regulators, and industry participants in addressing cyber threats for your module.
• Exploring mechanisms for sharing threat intelligence and best practices.
• Analyzing the benefits and challenges of public-private partnerships in cybersecurity.
• Understanding the role of national and international coordination bodies.
• Promoting a culture of proactive information sharing within the financial sector.

Module 9: The Role of Technology and Automation in Cybersecurity Risk Oversight

• Exploring how technology and automation can enhance cybersecurity risk oversight capabilities for supervisors for your module.
• Understanding the use of Security Information and Event Management (SIEM) systems for threat detection and analysis.
• Analyzing the potential of AI and machine learning for proactive threat intelligence and anomaly detection.
• Exploring regulatory technology (RegTech) solutions for cybersecurity compliance monitoring.
• Understanding the challenges and opportunities of adopting new technologies for supervision.

Module 10: Assessing Third-Party Cybersecurity Risks

• Understanding the increasing reliance on third-party service providers and the associated cybersecurity risks within the capital markets ecosystem for your module.
• Developing frameworks for assessing the cybersecurity due diligence processes of supervised entities.
• Evaluating the contractual arrangements and oversight mechanisms for third-party providers.
• Understanding the potential for cascading cyber risks through interconnected service providers.
• Implementing supervisory expectations for managing third-party cybersecurity risks.

Module 11: Board-Level Oversight of Cybersecurity Risks

• Understanding the supervisory expectations regarding the role and responsibilities of the board of directors in overseeing cybersecurity risks within capital market participants for your module.
• Analyzing the information and reporting requirements for board-level awareness of cyber threats and resilience efforts.
• Evaluating the board's engagement in cybersecurity strategy and risk management.
• Understanding the importance of board expertise and accountability for cybersecurity.
• Promoting a culture of cybersecurity awareness and responsibility at the highest levels.

Module 12: Cyber Resilience of Critical Market Infrastructure

• Focusing on the specific cybersecurity risks and resilience requirements for critical market infrastructure such as exchanges, clearing houses, and payment systems for your module.
• Understanding the potential systemic impact of cyberattacks on these entities.
• Analyzing the application of specific resilience frameworks and standards for FMIs.
• Evaluating the supervisory approaches for ensuring the cyber resilience of critical infrastructure.
• Exploring international cooperation in safeguarding global market infrastructure.

Module 13: Emerging Threats and Supervisory Considerations for New Technologies

• Understanding the emerging cybersecurity threats associated with new technologies such as cloud computing, blockchain, and artificial intelligence in capital markets for your module.
• Analyzing the unique security challenges and supervisory considerations for cloud adoption in financial services.
• Exploring the cybersecurity implications of decentralized technologies and digital assets.
• Understanding the potential for AI-powered cyberattacks and defenses.
• Developing adaptive supervisory approaches to address evolving technological risks.

Module 14: Case Studies in Capital Markets Cybersecurity Incidents

• Analyzing real-world case studies of significant cyberattacks targeting capital market participants and infrastructure for your module.
• Understanding the attack methodologies, impact, and lessons learned from these incidents.
• Evaluating the effectiveness of the responses and recovery efforts.
• Identifying common vulnerabilities and best practices for prevention.
• Fostering discussion and knowledge sharing based on practical examples.

Module 15: Developing a Cybersecurity Risk Oversight Strategy

• Guiding participants in developing a comprehensive strategy for overseeing cybersecurity risks within their respective supervisory roles and organizations for your module.
• Defining key priorities and objectives for cybersecurity risk oversight.
• Identifying relevant tools, resources, and collaboration opportunities.
• Establishing metrics for measuring the effectiveness of oversight efforts.
• Planning for continuous improvement and adaptation to the evolving threat landscape.

Training Approach

This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on: Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Training Venue

The training will be held at our Skills for Africa Training Institute Training Centre. We also offer training for a group at requested location all over the world. The course fee covers the course tuition, training materials, two break refreshments, and buffet lunch.

Visa application, travel expenses, airport transfers, dinners, accommodation, insurance, and other personal expenses are catered by the participant

Certification

Participants will be issued with Skills for Africa Training Institute certificate upon completion of this course.

Airport Pickup and Accommodation

Airport pickup and accommodation is arranged upon request. For booking contact our Training Coordinator through Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Terms of Payment: Unless otherwise agreed between the two parties’ payment of the course fee should be done 7 working days before commencement of the training.