Led by the Central Bank, the five financial market infrastructures (FMIs) underpinning a South American country’s financial system wanted to harmonize and test its cybersecurity incident response and crisis communications plans across all five entities to ensure they could act effectively and decisively in case of a cyber incident affecting two or more of them. The Central Bank and FMIs retained FTI Consulting to assist with the process.
FTI Consulting experts conducted in-depth interviews with executives from the five FMIs, and thoroughly reviewed each of the incident response and crisis communications plans. The team presented the findings and provided a roadmap toward harmonization between them.
FTI Consulting also assembled a team of experts to facilitate a cybersecurity Masterclass at the country’s central bank and stock exchange. The work conducted was tested through a systemic risk simulation exercise with the top executives across the FMIs.
As a result of the FTI Consulting team’s efforts, the country’s financial system now has a harmonized cybersecurity incident response plan and corresponding crisis communications, ensuring escalation protocols are followed and the sector is prepared to communicate in a coordinated and effective way.