Training Course on Cyber Risks in Financial Market Infrastructure/National Payments for Central Banks

Program Brief:

This comprehensive 10-day course provides bank professionals with the critical knowledge and skills needed to address the growing cyber threats in today’s increasingly digital financial ecosystem. As the backbone of national and global financial systems, FMIs and payment infrastructures are prime targets for cyberattacks that can lead to significant disruptions in economic stability. This course offers a comprehensive understanding of the cyber risk landscape, including emerging threats, vulnerabilities, and best practices for securing these critical infrastructures. Participants will explore risk management strategies, regulatory frameworks, incident response planning, and the importance of international cooperation to enhance resilience against cyber risks, ensuring the integrity and continuity of financial operations.

Objectives

By the end of this course, participants will be able to:

• Identify and analyze key cyber risks to FMI and national payment systems.
• Evaluate current cybersecurity practices and their effectiveness within central banks.
• Propose strategies for enhancing cyber resilience in central banking operations.
• Develop and implement effective incident response and recovery plans.
• Discuss the role of international cooperation in addressing cyber threats and improving security frameworks.

Recommended For:

• Central bank executives and senior managers
• Risk management professionals in central banks
• Cybersecurity specialists in the financial sector
• Regulators and supervisors of financial market infrastructures
• Policymakers and analysts involved in financial stability and cybersecurity

Duration

10 days

Course Outline

Module 1: Introduction to Cyber Risks in Central Banking

• Overview of central bank functions and the importance of FMI.

Module 2: Types of Cyber Threats

• Examination of various cyber threats facing FMI and national payment systems.
• Case studies of notable cyber incidents and their impacts on financial stability.
• Discussion on the potential consequences of cyber attacks on the economy.

Module 3: Current Cybersecurity Practices

• Overview of regulatory frameworks and standards for cybersecurity in the financial sector (e.g., ISO 27001, NIST).
• Risk assessment methodologies tailored to central banks.
• Evaluation of technical controls and security measures currently in place.

Module 4: Challenges in Securing FMI and National Payment Systems

• Technological complexities and integration issues.
• Cross-border dependencies and the implications for cybersecurity.
• Balancing innovation in financial technology with security requirements.

Module 5: Enhancing Cyber Resilience

• Strategies for implementing a risk-based approach to cybersecurity.
• Strengthening governance and oversight in central banking operations.
• Investing in advanced threat detection and prevention measures.

Module 6: Incident Response and Recovery Planning

• Developing comprehensive incident response plans for cyber incidents.
• Conducting regular simulation exercises to test response effectiveness.
• Ensuring business continuity and disaster recovery strategies are in place.

Module 7: International Cooperation and Information Sharing

• The importance of global standards and best practices in cybersecurity.
• Collaborative initiatives and partnerships between central banks and financial institutions.
• Enhancing cross-border cyber threat intelligence sharing mechanisms.

Module 8: Future Trends and Emerging Risks

• Understanding the impact of emerging technologies (AI, blockchain, quantum computing) on cybersecurity.
• Identifying evolving threats and their implications for central banks.
• Regulatory and policy developments in response to emerging risks.

Module 9: Integrated Cyber Risk Management Frameworks

• Designing and implementing an integrated cyber risk management framework.
• Case studies of successful implementations in central banks.
• Best practices for continuous improvement in cybersecurity efforts.

Module 10: Course Review and Action Planning

• Summary of key learnings and takeaways from the course.
• Developing a personalized action plan for participants to implement at their respective institutions.
• Open discussion for addressing remaining questions and sharing experiences.

General remarks

• Customizable courses are available to address the specific needs of your organization.
• The participant must be conversant in English
• Participants who successfully complete this course will receive a certificate of completion from Lenol Development Center.
• The course fee for onsite training includes facilitation training materials, tea break and lunch.
• Accommodation and airport pick up are made upon request
• For any inquiries reach us through info@lenoldevelopmentcenter.com or +254 710 314 746
• Payment should be made to our bank account before the start of training