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Starting this summer, banks directly supervised by the ECB will have to "report all significant cyber incidents", said Sabine Lautenschlaeger, a member of the ECB’s executive board.
At a speech in Frankfurt, she said: “This will help us to assess more objectively how many incidents there are and how cyber threats evolve. It will also help us to identify vulnerabilities and common pitfalls.”
The ECB will also continue to perform regular “thematic reviews” on cyber security and outsourcing arrangements, a common weak link exploited in big cyber attacks.
Attacks on information technology have risen rapidly up the agenda for banking supervisors and bank bosses alike, although just less than half of banks listed cyber security as a top-three concern, according to a January report by EY and the Institute of International Finance.