Cyber Incident Reporting involves the mandatory or voluntary disclosure of cybersecurity breaches and attacks to designated regulatory bodies or authorities. This practice aids in collective defense against cyber threats by facilitating the sharing of information on vulnerabilities and attack methodologies. It promotes transparency and accountability within digital systems. This is a critical component of risk management.
Context
Regulatory frameworks globally are increasingly imposing stricter cyber incident reporting requirements on financial institutions and critical infrastructure providers, including those operating with digital assets. Current discussions revolve around harmonizing reporting standards, defining appropriate thresholds for reportable incidents, and ensuring timely information exchange to mitigate systemic risks across the digital finance ecosystem.
Firms must immediately integrate DORA's systemic ICT risk framework and third-party oversight controls to achieve operational compliance by January 2025.
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