SEO
Home / News

IOSCO Welcomes Iran's Cybersecurity Proposal

The International Organization of Securities Commissions welcomed a proposal offered by the Islamic Republic of Iran to form a cybersecurity committee within the global body.

The International Organization of Securities Commissions welcomed a proposal offered by the Islamic Republic of Iran to form a cybersecurity committee within the global body.

The head of the Iranian cybersecurity center at the capital market, Ahmad Saharkhiz, said that the proposal would urge member countries to follow same standards over cybersecurity issues.

The Iranian proposal was delivered during a recent meeting held by the Growth and Emerging Markets Committee, the largest panel within IOSCO.

GEM represents over 75% of the IOSCO's ordinary membership. It comprises 88 members and 19 non-voting associate members who include the world's fastest growing economies and 10 of the G-20 members. Emerging economies are expected to represent a growing portion of IOSCO membership as new members continue to join.

The proposal suggests that the IOSCO should take measures to upgrade cybersecurity standards in the financial markets across the world, Saharkhiz said.

“The members of the proposed committee can also be aware of the experience of other members which have dealt with cybercrimes and arguably taken some effective, preventive measures,” he added.

The committee is expected to assess and upgrade standards, issue international information security certifications and monitor how members comply with the upgraded standards.

“With the implementation of the new plan, we can identify the risks of global markets and, accordingly, create new standards,” he noted.

Leading emerging market regulators met this week in Colombo, Sri Lanka. The GEM Committee annual meeting was preceded by the meeting of the IOSCO Asia-Pacific Regional Committee (APRC).

The two-day event attracted more than 300 participants from 50 jurisdictions.