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FRM Part II · FRM Exam Part II · Digital Resilience and Financial Stability: The Quest for Policy Tools in the Financial Sector

During a cross-border cyber incident, firms hesitate to share information with authorities in other jurisdictions. Which obstacle is most commonly cited as hindering such sharing?

Differences in legal regimes, confidentiality rules and incident-reporting requirements across jurisdictions are the key obstacle. They create legal uncertainty and compliance burdens, discouraging firms and authorities from sharing information across borders, which is why harmonization and mutual recognition are policy priorities.

  1. AExcess standardization of all national reporting rules
  2. BLack of any cyber threats to share
  3. CDifferences in legal regimes, confidentiality rules and reporting requirements across jurisdictionsCorrect
  4. DOverly fast regulatory response times

Explanation

Fragmented laws on confidentiality, data protection and incident reporting create uncertainty and compliance costs, discouraging cross-border sharing. Harmonizing or mutually recognizing these frameworks is a policy response.

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