Cyber ​​risk: financial gendarmes called upon to coordinate better in Europe

Posted Jan 31, 2022, 4:52 PMUpdated on Jan 31, 2022 at 5:03 p.m.

Banking supervisors across Europe, unite! The European entity responsible for preventing major financial risks within the European Union (the “European Systemic Risk Board”, CERS) called on Friday on the banking authorities of the 27 to coordinate, via a new mechanism dedicated, to counter cyber attacks, which particularly target banks, insurers and markets.

“EU financial authorities need to coordinate with each other, globally and with parties with whom they are not used to interacting, such as cyber authorities,” point out the authors of this report. According to them, in the face of a cyber attack, “uncoordinated action could contradict, or even compromise, the response of other authorities, lead to an erosion of confidence in the functioning of the financial system and, from there, amplify the risk of cybercrime”. .

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