Citing a growing number of cybersecurity incidents in the financial sector, the Autorité des marchés financiers (AMF) has sounded the alarm for firms to up their defences.
The AMF has issued a call to financial institutions to ensure they properly assess their security risks, and take necessary steps to bolster their cyber defences and privacy controls.
“The latest incidents further highlight the ever-present threat that information technology risks pose to all organizations,” said Louis Morisset, president and CEO of the AMF.
Morisset noted that the AMF has been warning firms about cyber threats since 2013.
“Today, we are asking them again to significantly heighten their vigilance and further strengthen monitoring of their technological environments,” he said.
In particular, the regulator called on firms to carry out penetration testing, “in order to assess the operational effectiveness and adequacy of the controls in place.”
It also recommended that firms remind their employees about the threat of phishing and other information security risks. Further, that firms ensure they have robust business continuity plans in place, “to deal with any possible crisis management scenarios and minimize any potential damage.”
Cybersecurity has long been a critical industry concern, and this has only been intensified with the widespread shift to remote working that was prompted by the Covid-19 pandemic.
In the wake of that shift, the AMF has been emphasizing the level of security required to oversee employees’ remote-access arrangements.
“These messages are just as relevant now,” it said in a release.