ECB published guidance on the roles and responsibilities of the White Team in a Threat Intelligence-Based Ethical Red Teaming (TIBER-EU) test. The guidance covers the roles and responsibilities of the White Team during the preparation, testing, and closure phases of a TIBER-EU test; the composition of the White Team; the requisite skills and experience of the White Team; and the organizational aspects of the White Team.
The TIBER-EU White Team Guidance is an integral part of the TIBER-EU Framework. The TIBER-EU framework enables European and national authorities to work with financial infrastructures and institutions to put in place a program to test and improve their resilience against sophisticated cyber attacks. TIBER-EU is an instrument for red team testing, designed for use by core financial infrastructures, whether at national or at European level, which can also be used by any type or size of entity across the financial and other sectors. TIBER-EU is designed to be adopted by the relevant authorities in any jurisdiction, on a voluntary basis and from a variety of perspectives, as a supervisory or oversight tool, for financial stability purposes, or as a catalyst. So far, ECB has published guidance on implementing the TIBER-EU Framework and Guidelines for the TIBER-EU Services Procurement Guidelines.
The White Team is the team—within the entity being tested—that is responsible for the overall planning and management of the test, in accordance with the TIBER-EU Framework. The members of the White Team are the only people within the entity being tested that know that a TIBER-EU test is taking place. The White Team must ensure that the TIBER-EU test is conducted in a controlled manner, with appropriate risk management controls in place, while maximizing the learning experience for the entity. For this, the White Team must closely cooperate with the TIBER Cyber Team (TCT) from the respective authority.
Related Link: TIBER-EU White Team Guidance (PDF)
Keywords: Europe, EU, Banking, Securities, PMI, Cyber Risk, Cyber Resilience, TIBER-EU, White Team, ECB
EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.
In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.
IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.
FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.
EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.
FSB published a letter from its Chair Randal K. Quarles, along with two reports exploring various aspects of the market turmoil resulting from the COVID-19 event.
RBNZ launched a consultation on the details for implementing the final Capital Review decisions announced in December 2019.
The Trustees of the IFRS Foundation, which are responsible for the governance and oversight of IASB, have announced the appointment of Dr. Andreas Barckow as the IASB Chair, effective July 2021.
HKMA issued a letter to consult the banking industry on a full set of proposed draft amendments to the Banking (Capital) Rules for implementing the Basel standard on capital requirements for banks’ equity investments in funds in Hong Kong.
ESRB published an opinion assessing the decision of Swedish Financial Supervisory Authority (FSA) to extend the application period of a stricter measure for residential mortgage lending, in accordance with Article 458 of the Capital Requirements Regulation (CRR).