WASHINGTON: Governments need to develop global cyber security standards and increase information sharing on cyber threats, Daniel Pinto, chief executive of JPMorgan’s corporate and investment bank, said on Saturday.

Pinto, speaking during a panel at the Institute of International Finance meeting in Washington, said global banks have to comply with a hodgepodge of cyber security standards across different countries, increasing costs and risks.

Pinto said cyber security laws and the way banks are supervised on cyber security had to change. Each country has a different standard but we have a global problem ... When you go to point where you have to have different standards in every place, you put yourself in a vulnerable position,” he said.

His comments highlight growing concerns among financial market participants and regulators about the risks cyber attacks pose to the financial system following a series of recent incidents.

On Friday, the Financial Stability Board, which comprises central banks, released a stock take of different countries’ cyber security regulations and guidelines for financial services, noting some countries had as many as 10 different sets of rules and that these typically varied widely across jurisdictions.

Barclays CEO Jes Staley, speaking to the same panel, said cyber risk and payments services were big issues for banks.

Published in Dawn, October 15th, 2017