IEC 62443
International standards series for IACS cybersecurity
Basel III
Global framework for bank capital, leverage, liquidity standards
Quick Verdict
IEC 62443 secures industrial control systems via zones, security levels, and certifications for OT resilience. Basel III mandates bank capital, leverage, and liquidity ratios for financial stability. OT firms adopt IEC 62443 voluntarily for supply chain assurance; banks comply with Basel III to avoid regulatory penalties.
IEC 62443
IEC 62443: Industrial automation cybersecurity standards series
Key Features
- Risk-based zones/conduits and SL-T assignment
- Shared responsibilities across asset owners/suppliers/integrators
- SL-T/SL-C/SL-A security levels triad
- Seven foundational requirements for systems/components
- Modular ISASecure certifications (SDLA/CSA/SSA)
Basel III
Basel III: Finalising post-crisis reforms
Key Features
- Strengthened CET1 capital minimum 4.5% plus buffers
- Non-risk-based leverage ratio at 3% minimum
- Liquidity Coverage Ratio for 30-day stress survival
- Net Stable Funding Ratio for one-year resilience
- Enhanced Pillar 3 disclosures for RWA comparability
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
IEC 62443 Details
What It Is
IEC 62443 is the ISA/IEC series of international standards for securing Industrial Automation and Control Systems (IACS). It provides a comprehensive, risk-based framework spanning governance, system design, and component security tailored to OT environments with unique constraints like availability and long lifecycles.
Key Components
- Four groupings: General (-1), Policies (-2), System (-3), Components (-4).
- Seven Foundational Requirements (FR1-7) like authentication, integrity, and availability.
- Zones/conduits model for segmentation; SL 0-4 with SL-T (target), SL-C (capability), SL-A (achieved).
- ISASecure modular certifications: SDLA (4-1), CSA (4-2), SSA (3-3).
Why Organizations Use It
- Mitigates OT cyber risks impacting safety/production.
- Enables supplier qualification, procurement specs, insurance benefits.
- Builds stakeholder trust via certifications; horizontal standard for cross-sector compliance.
- Supports modernization (IIoT/cloud) with defense-in-depth.
Implementation Overview
Phased: CSMS governance (2-1), risk assessment/zoning (3-2), controls (3-3/4-2), certification. Applies to asset owners/integrators/suppliers in critical infrastructure; multi-year program with audits.
Basel III Details
What It Is
Basel III is the global regulatory framework issued by the Basel Committee on Banking Supervision (BCBS) post-2007-09 financial crisis. It strengthens bank prudential standards through risk-based capital, leverage constraints, and liquidity requirements, addressing weaknesses in capital quality, leverage, and funding.
Key Components
- **Three pillarsMinimum capital requirements (Pillar 1: CET1 4.5%, Tier 1 6%, Total 8% plus buffers), supervisory review (Pillar 2: ICAAP), market discipline (Pillar 3: disclosures).
- Leverage ratio (3% Tier 1 over exposure), LCR (100% HQLA for 30-day stress), NSFR (stable funding over 1-year).
- Built on risk sensitivity balanced with simplicity; output floor limits internal models.
Why Organizations Use It
Banks adopt for regulatory compliance (national laws mandate), enhanced resilience against shocks, reduced systemic risk via G-SIB buffers. Improves comparability, curbs arbitrage; builds stakeholder trust, optimizes balance sheets strategically.
Implementation Overview
Phased enterprise transformation: governance setup, gap analysis, data/system builds, testing, ongoing monitoring. Applies to internationally active banks globally; no certification but supervisory audits, Pillar 3 reporting.
Key Differences
| Aspect | IEC 62443 | Basel III |
|---|---|---|
| Scope | IACS/OT cybersecurity lifecycle framework | Bank capital, leverage, liquidity standards |
| Industry | Industrial sectors (energy, manufacturing, utilities) | Banking and financial institutions globally |
| Nature | Consensus-based standards, voluntary certification | Global prudential regulation, mandatory implementation |
| Testing | ISASecure modular certifications (CSA, SSA, SDLA) | Supervisory reviews, stress tests, Pillar 2 ICAAP |
| Penalties | Loss of certification, market exclusion | Fines, asset caps, business restrictions |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about IEC 62443 and Basel III
IEC 62443 FAQ
Basel III FAQ
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