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.