The Fundamental Elements of Southtown

Fabio Panetta: The Quick and the Dead: building up cyber resilience in the financial sector

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Saturday, March 18, 2023
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The Euro Cyber Resilience Board for pan-European Financial Infrastructures (ECRB) has played a key role in protecting the security and integrity of the financial system from these threats.

Key Points: 
  • The Euro Cyber Resilience Board for pan-European Financial Infrastructures (ECRB) has played a key role in protecting the security and integrity of the financial system from these threats.
  • Our financial infrastructures have proven their resilience to cyber threats.
  • But this does not mean we can become complacent or any less vigilant in the face of cyber threats.
  • I will then discuss current cyber threats and emerging risks before outlining the implications for our work in the future.
  • The ECRB brings together private and public stakeholders across pan-European financial infrastructures, critical service providers, central banks and other authorities.
  • Second, the ECRB has established a crisis coordination protocol that facilitates cooperation and coordination, allowing members to exchange and respond to major cyber threats and incidents.
  • A key pillar of the ECB’s cyber strategy for financial infrastructures is the TIBER-EU framework for threat-led penetration testing, also known as red teaming.
  • In June 2022 the ECRB organised a dedicated roundtable on TIBER-EU where members shared their experience of these kinds of exercises.
  • [3]
    In view of their systemic role in the financial system, we will continue to focus on pan-European financial infrastructures.
  • We must therefore be prepared to understand them and to adapt quickly in order to mitigate the financial ecosystem’s susceptibility to cyberattacks.
  • The financial ecosystem’s reliance on third-party products and services is a key risk, especially when financial entities outsource critical functions to them.
  • Against this background, the G7 recently updated its Fundamental Elements for Third-Party Cyber Risk Management in the Financial Sector
    [6].
  • [16] Cyber threat landscape for financial market infrastructures in Europe

    Note: Threats are arranged in descending order of estimated severity.

  • See Financial Times (2023), “The financial system is alarmingly vulnerable to cyber attack”, 6 February.
  • See Financial Action Task Force (2021), ”Updated Guidance for a Risk-Based Approach for Virtual Assets and Virtual Asset Service Providers”, October.