Learning Objectives:

  • Understand the mandate and functions of the BIS Cyber Resilience Coordination Centre.

  • Apply the CRCC’s knowledge sharing, collaboration, and operational readiness services.

  • Recognise the role of the CRCC in promoting central bank networking and skills acquisition.

  • Understand the CRCC’s Cyber Resiliency Framework and Benchmark.

2.1 The Mandate of the CRCC

The Cyber Resilience Coordination Centre (CRCC) was established by the Bank for International Settlements (BIS) to promote central bank networking and skills acquisition to combat cyber threats. It facilitates the exchange of knowledge, promotes collaboration and supports the development of operational capabilities in cyber resilience topics. Since its inception in 2020, the CRCC’s activities have grown steadily and its outreach has extended beyond BIS member central banks .

The CRCC carries out its mandate as one of the BIS’s key entities to support the central bank community by delivering cyber resilience services . The CRCC is a central hub for central bank cybersecurity professionals, providing a structured approach to strengthening collective cyber resilience .

2.2 Key Areas of Focus

The CRCC’s work is organised around three key areas of focus :

1. Knowledge Sharing: The CRCC organises an annual cyber security seminar, in addition to a variety of webinars and training sessions focused on specialised cyber topics. These events provide central bank staff with opportunities to learn about emerging threats, best practices, and new technologies.

The CRCC has developed the Cyber Resiliency Framework and Benchmark for central banks. To date, 10 central banks have completed the assessment . The framework provides a structured approach for central banks to assess and improve their cyber resilience posture. The Benchmark component allows central banks to compare their cyber resilience against peers, identifying areas for improvement.

2. Collaboration: The CRCC supports the work of the Global Cyber Resilience Group (GCRG), a forum for central bank security practitioners that convenes twice annually to address emerging cyber security and resilience issues . The GCRG provides a platform for central bank security leaders to share experiences, discuss challenges, and coordinate responses to common threats.

The CRCC hosts a secure online platform, BEACON, for collaboration and information sharing among the central bank cyber security community . BEACON enables central bank staff to share threat intelligence, best practices, and lessons learned in a secure and trusted environment.

3. Operational Readiness: The CRCC conducts regular cyber range exercises – immersive activities where security professionals can practise and develop key skills required to defend networks, including payment systems and operational processes to strengthen practical skills . These exercises help central banks test their incident response capabilities and build muscle memory for responding to real attacks.

2.3 The Cyber Resiliency Framework and Benchmark

The Cyber Resiliency Framework and Benchmark is a key tool for central banks seeking to strengthen their cyber resilience. The framework is built on internationally recognised standards and best practices. It helps central banks :

  • Recognise the complexity and new threat landscape brought by emerging technologies.

  • Adopt modern enabling technologies supporting security and resilience where appropriate.

  • Take stock of existing capabilities that could be leveraged.

  • Identify the capabilities that need to mature.

  • Identify new capabilities that would need to be implemented.

The CRCC’s work is essential for building the collective cyber resilience of the global central banking community.

PreviousNext