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28 October 2019

WSBI – ESBG: Cybersecurity: more cooperation at EU level absolutely necessary

As October cybersecurity month logs out, the ESBG publishes its updated position on cybersecurity. The position welcomes enhanced cooperation at EU level considering the increasing number and diversity of cyber threats in recent years.

ESBG approves the aim of the Cybersecurity Act to reinforce the mandate of ENISA along with a coordination role at EU level to develop closer cooperation on cybersecurity issues. Cooperation with bodies outside the EU should also be encouraged. ESBG believes that cy​bercrime can be fought effectively not only through cooperation among industry sectors, but also by working closely with government authorities to exchange information.

A connected system is only as safe it as its weakest link and due to the interconnectedness of all business sectors, including the financial sector, it is critical for every institution, regardless of their size, nature or activity, to aquire the same level of cybersecurity​. As the financial sector becomes increasingly dependent on digital technologies, ensuring its resilience while tackling ever-growing cyber threats is becoming an important concern, for cybersecurity might represent a threat to the stability of the EU financial system​​.

ESBG has identified the following main concerns for cybersecurity within the banking sector:

  • Increased EU coordination – as the financial sector becomes increasingly dependent on digital technologies, the need to build greater cooperation at Union level (for example, ensuring a common cybersecurity certification approach)
  • ​​Fraud prevention – the need for a common EU approach to increase cyber resilience in the financial sector to prevent and counter frauds. Service providers must constantly adjust, and refresh measures designed to protect data to mirror the constantly evolving technology and thus new threat profiles;​
  • Direct oversight/supervision of critical third party service providers – in order to increase resilience of financial markets and safeguard the level playing field
  • Streamlining of cyber incident reporting schemes – streamlining of incident reporting and cyber resilience testing frameworks is of utmost importance to prevent red-tape and to increase European resilience overall
  • Ethics Guidelines for Artificial Intelligence – future developments in the area of AI may pose a disruptive challenge towards cybersecurity.​

Full news on WSBI–ESBG

Full position on WSBI–ESBG


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