On January 17, 2022, the Bank for International Settlements (BIS) held a General Meeting of Governors of January 2022 with the theme "Central banks' priorities in responding to and managing cyberspace risks”. The Meeting was chaired by Mr. Francois Villeroy de Galhau – Governor of the Bank of France, Chairman of the Board of Directors of the BIS. Deputy Governor Pham Thanh Ha of the SBV attended the Meeting.
Deputy Governor Pham Thanh Ha attended the Meeting.
According to a BIS assessment report, the financial industry is one of the sectors that suffer the most from external cyber-attacks. Attacks are becoming more sophisticated, complex and frequent, and are capable of causing economic losses and negative impacts on the performance of a central bank's functions. Although the central banks of both developed and emerging economies have made great efforts to ensure cyberspace security, the rapid increase in the number and the severity of threats in the cyberspace, cyber-related incidents are becoming unavoidable.
According to a survey conducted by the Global Network Recovery Group (RCRG) and the BIS Innovation Network (BISIN), there are three main types of attacks: phishing, supply chain attacks and ransomwares. According to the RCRG and BISIN, the above-mentioned types are also used to attack the central banks’ IT systems. The member central banks of the RCRG consider creating a security foundation and cleaning up the cyberspace environment as a top priority in ensuring cyberspace security and safety. According to this survey, in addition to threats to the messaging system on SWIFT, there are growing concerns about the threats of attacks targeting key infrastructure such as wholesale payment systems, currency operations, and reserve management.
Also according to the RCRG and BISIN survey, more than 50% of central banks interviewed said that they planned to rely more on cloud computing services to create work coordination tools and improve productivity within their organizations. The BIS Governors agreed that the application of cloud computing, driven by new ways of working through digital platforms, presents many opportunities, but also poses numerous challenges, such as the consistent application of security control measures, the increasing malicious emails when working remotely, the selection of appropriate cloud service providers, the difficulties in training, recruitment, and quality improvement of the human resources in the field of cyberspace security and safety.
The SBV Cyber Security Development Strategy for the 2021 - 2025 period identifies the priority goal of building a professional and modern cyber security and safety foundation; proactively identifying and promptly resolving any cyberspace safety and security incidents; ensuring the information safety and security, supporting effectively the specialized operations of the SBV, and assisting the supervision and responses to any information security incidents in the banking sector. To achieve this goal, the SBV will actively promote cooperation, create networks, share more information on cyber security in a quick and timely manner, share and support the development of governance activities enhancing the cyber resilience and recovery of the information systems, proactively participate in the cooperation mechanisms, discussions on cyber security and safety.
The Bank for International Settlements (BIS) was established in 1930, with its headquarters in Basel, Switzerland. This is an international organization of central banks. The role of the BIS is to promote international cooperation between the central banks and other organizations for financial and monetary stability. Up to now, the Bank for International Settlements has 63 official members. Vietnam joined this organization in October 2020.
LK