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What are the Cybersecurity Standards of Basel III? | UpGuard

Whilehttps://www.bis.org/bcbs/basel3.htm?m=2572 is an international regulatory accord that primarily aims to improve regulation, supervision, and financial risk management within the global banking sector, the publication also carries https://www.upguard.com/blog/cyber-security implications as it attempts to standardize the cyber-intensive operations of all internationally active banks. The Switzerland-based Basel Committee on Banking Supervision (BCBS) started laying the foundation for improved banking procedures in 1975 with the publication of the Basel Concordat and then introduced the Basel Accords in 1988.

The BCPS organizes the standards and requirements imposed by Basel into four sections: Capital requirements, Liquidity requirements, Capital buffers, and Cybersecurity standards

Since Basel III’s capital, liquidity, and buffer initiatives depend on a bank’s overall risk exposure, the publication incentivizes banks to maintain cybersecurity best practices to avoid stricter financial requirements.

The Basel Committee on Banking Supervision (BCBS) is the “primary global standard setter” for international banking regulations and capital frameworks.