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Volume: 3 Issue: 6
(June 2017)

Keywords:
ecb require banks under supervision report significant cyber incidents under new framework european central bank (‘ecb confirmed speech frankfurt

Jurisdictions:
Europe

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ECB to require banks under its supervision to report significant cyber incidents under new framework

The European Central Bank (‘ECB’) confirmed, in a speech in Frankfurt given by Sabine Lautenschläger, Vice-Chair of the ECB’s Supervisory Board, on 19 June 2017, that this summer it will launch a cyber incident reporting framework which will require all banks it supervises to report all significant cyber incidents.

The announcement follows the pilot of such a framework in 2016 by the ECB. Announcing the forthcoming framework, Lautenschläger described the aim of the framework as being to “assess more objectively how many incidents there are and how cyber threats evolve [and to] help [the ECB] to identify vulnerabilities and common pitfalls.”

Further, Lautenschläger spoke of the ECB’s work in carrying out thematic reviews around banks’ cyber security and its scrutiny of banks’ adherence to standards and best practices in the area of cyber risk, and also its cooperation with the European Banking Authority in regards to harmonising Europe’s supervision of cyber risk.

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