MADISON, Wis.–The World Council of Credit Unions (WOCCU) has sent a comment letter to the Financial Stability Board regarding its consultative document Cyber Lexicon.
While noting it supports the FSB’s initiative to develop a Cyber Lexicon to address cyber security and cyber resilience in the financial sector, the World Council is also urging it to take a “proportional regulatory approach in its cybersecurity guidance that does not impose unreasonable compliance burdens on community-based financial institutions, such as credit unions and other mutual depository institutions.”
WOCCU wrote that some cybersecurity measures that may be affordable for large, internationally active banks may not be affordable for depository institutions with smaller economies of scale, especially those with less than EUR 10 billion in assets.
WOCCU further urged the FSB to establish a principles-based approach to cybersecurity that is proportional to an institution’s cyber risks and asset size.
The letter also provides specific responses to five questions posed by the FSB as it seeks comment.
The complete letter can be found in CUToday.info’s The Vault here.