Upon completion of this course, participants will be able to:

• Analyze the evolving **Cyber Threat Landscape** specific to critical Financial Market Infrastructures (FMIs) (e.g., SWIFT, RTGS).
• Apply the principles of **Cyber Resilience** and Defense-in-Depth strategies to FMI architecture.
• Develop and execute system-wide **Cyber Stress Testing** and "war game" scenarios (e.g., a data integrity attack).
• Formulate a detailed **Incident Response Plan** for high-impact cyber events, focusing on containment and recovery.
• Understand the international regulatory expectations and frameworks for FMI cyber resilience (e.g., FSB, CPMI, G7).
• Design a robust **Threat Intelligence** and Information Sharing framework with system participants and national authorities.
• Evaluate the risks associated with third-party vendors and the FMI **supply chain** in a cyber context.
• Establish a robust governance and oversight framework for continuous cyber risk monitoring and reporting.

• Chief Information Security Officers (CISOs) and Heads of IT Security.
• Operational Risk and Cyber Resilience Managers.
• FMI Oversight and Policy Specialists.
• Heads of Payments Systems Operations and Technology.
• Internal Auditors focused on Technology and Cyber Risk.
• Senior Management involved in Crisis Management and Business Continuity Planning (BCP).

• Cyber Stress Test and Incident Response Simulation Exercises (War Games)
• Group Activities on Drafting a Cyber Incident Communication Protocol for an FMI
• Case Studies on Major Cyber Attacks and Post-Incident Remediation
• Expert Lectures on Threat Intelligence Analysis and TIBER Frameworks
• Workshops on Designing a Third-Party Cyber Risk Management Due Diligence Checklist
• Individual Assignments on Mapping Critical FMI Assets to Cyber Security Controls

Unit 1: The FMI Cyber Threat Landscape

• Analysis of major cyber-attack vectors targeting FMIs (e.g., ransomware, supply chain compromise, data integrity attacks).
• The unique threat profile of payment systems (RTGS, SWIFT) and central counterparties (CCPs).
• The concept of "blended" attacks combining cyber and operational failures.
• Identifying critical information assets and **Crown Jewels** requiring the highest level of protection.
• Case studies of high-profile cyber incidents affecting the financial sector.

Unit 2: Cyber Resilience and International Standards

• Differentiating between IT Security, Cyber Security, and **Cyber Resilience**.
• Applying the FSB and CPMI-IOSCO frameworks for FMI cyber risk management and recovery.
• Developing a **Defense-in-Depth** strategy tailored to FMI requirements (e.g., network segmentation, least privilege).
• Implementation of robust cryptographic controls and key management (including PQC considerations).
• The concept of **systemic cyber risk** and its contagion channels.

Unit 3: Incident Response and Recovery Protocols

• Designing a formal **Cyber Incident Response Plan (CIRP)** with defined roles and escalation matrices.
• Protocols for rapid containment, triage, and eradication of an active threat.
• Data integrity and recovery strategies (e.g., immutable backups, clean-room restoration).
• Protocols for communicating an incident internally, to regulators, and to system participants.
• Legal and forensic requirements for post-incident analysis and reporting.

Unit 4: Cyber Stress Testing and Third-Party Risk

• Developing and executing realistic **Cyber Stress Testing** scenarios (e.g., penetration testing, red-teaming).
• The concept of **TIBER** (Threat Intelligence-Based Ethical Red-teaming) and its application to FMIs.
• Managing cyber risk inherent in the FMI **supply chain** and critical third-party vendors.
• Establishing a framework for mandatory security testing and validation of vendor-provided services.
• Cross-sector and cross-jurisdictional coordination for system-wide resilience testing.

Unit 5: Governance and Continuous Oversight

• The role of the Board and senior management in setting cyber risk appetite and strategy.
• Integrating cyber risk into the overall Operational Resilience and BCP frameworks.
• Establishing a continuous **Threat Intelligence** sharing mechanism with national and international partners.
• Compliance and regulatory reporting requirements for FMI cyber incidents.
• Staff training, security awareness programs, and embedding a pervasive culture of cyber vigilance.