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Answer: Sharing of information and collaboration among banks depends on the financial industry's culture and level of trust among participants.
B is correct. Sharing of information and collaboration among banks depends on the financial industry's culture and level of trust among participants. Experience shows that a two-level information-sharing structure through which information would be first shared on the interpersonal level with a closer group and then be exchanged at the company level with a broader group of banks helps build trust into the system. A is incorrect because sharing of information among banks is one of the most widely observed practices across jurisdictions and a relatively wider range of information, such as knowledge about cyber threats or cyber intelligence, is typically shared among banks. C is incorrect as sharing amongst regulators is one of the least observed practices and a majority of jurisdictions do not currently allow it. D is incorrect because banks typically do not share information about cyber-incidents with each other, but they do share this information with regulators at times when required by regulatory reporting practices.
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In an effort to strengthen the bank's measures against emerging cyber threats, the Chief Risk Officer is assessing the current cybersecurity information exchange practices among different organizations. They are also contemplating the potential benefits that such information sharing could yield. Which of the following statements would be the most appropriate for the Chief Risk Officer to express?
A
The sharing of cybersecurity information among banks is less frequently observed and generally considered to be less effective than other cyber-security information-sharing practices.
B
Sharing of information and collaboration among banks depends on the financial industry's culture and level of trust among participants.
C
Information-sharing among different national regulators has evolved significantly over the past several years and is now a widespread practice at a large majority of jurisdictions.
D
Existing peer-sharing mechanisms among banks focus on the exchange of information related to cyber-security incidents, but such information is generally not shared from banks to regulators.