Eurozone banks must report cyberattacks

Economy 6/19/2017, 12:36 PM
Eurozone banks must report cyberattacks

As the pilot project from last year was successful, regulators of the euro area's financial services industry introduced a cyberincident reporting network, said Sabine Lautenschlaeger, member of the Executive Board of the European Central Bank and vice-chair of its Supervisory Board. In order for the supervisors to identify "vulnerabilities and common pitfalls," lenders will be obligated to inform them on any significant attacks, she told specialists at an event in Frankfurt on Monday.

Malware "can disrupt business, cost a lot of money and destroy reputations," the policymaker noted and said the issue is being taken seriously. ECB is working with the European Banking Authority in comprehensive efforts across the continent, but also with supervisors worldwide, Lautenschlaeger underscored.

Benoit Coeure, her colleague from the top monetary authority's Executive Board, weighed in by saying central bankers want to "gain a deeper understanding of the cyberthreat landscape." Regulators assembled industry representatives to gauge interest in creating a forum on resilience, he stressed. "There are a variety of agents involved: criminals, hacktivists or nation states. They may have different motives: financial gain, espionage, disruption and destabilization," according to the French official, who also stated intruders are strengthening their capability and capacity.

TeleTrader Newsroom / IT

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