EBA launched a consultation on the draft guidelines on ICT and security risk management. These guidelines establish requirements for credit institutions, investment firms, and payment service providers (PSPs) on the mitigation and management of their information and communication technology (ICT) risks and aim to ensure a consistent and robust approach across the Single Market. The consultation runs until March 13, 2019.
The guidelines outline expectations in relation to governance, risk assessment process, information security requirements, ICT operational management, security in the change and development processes, and business continuity management to mitigate ICT and security risks. Due to an increasing reliance on ICT for their operational functioning, financial institutions are vulnerable to increased threats from internal and external attacks, including cyber-attacks, or breaches that may arise from inadequate business continuity planning for ICT systems and processes, or poor processes related to ICT change management. These guidelines aim to mitigate all ICT risks—whether internal or external—, including security-related risks, for all financial institutions.
The Guidelines are addressed to credit institutions and investment firms as defined in the Capital Requirements Directive (CRD), for all of their activities, and to PSPs subject to the revised Payment Services Directive (PSD2), for their payment services. These guidelines respond to EC's FinTech Action plan request for the EBA to develop guidelines on ICT risk management and mitigation requirements in the financial sector in EU. The guidelines on security measures for operational and security risks (EBA GL/2017/17) have been fully integrated in the EBA guidelines on ICT and security risk management and will be repealed when these proposed guidelines enter into force.
Comment Due Date: March 13, 2019
Keywords: Europe, EU, Banking, PMI, Guidelines, Cyber Risk, ICT Risk, Regtech, CRD, PSD2, EBA
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