ECB announced launch of the Cyber Information and Intelligence Sharing Initiative (CIISI-EU) in EU to share vital cybersecurity threat information. In this context, ECB also published the introductory remarks of Fabio Panetta of ECB, who also Chairs the Euro Cyber Resilience Board for pan-European Financial Infrastructures (ECRB), at the fourth meeting of ECRB. In the coming months, ECB will publish the framework for the CIISI-EU to encourage other jurisdictions to follow suit.
The core objectives of the initiative are to:
- Protect the financial system by preventing, detecting, and responding to cyber-attacks
- Facilitate the sharing of information and good practices between financial infrastructures
- Raise awareness of cybersecurity threats
In his introductory remarks, Mr. Fabio Panetta mentioned that CIISI-EU will contribute to protecting the European economy and security. The initiative will allow the most important financial infrastructures to share vital technical information among themselves using an automated platform. Members will create a trusted community where they will meet to discuss cybersecurity threats and share related intelligence and best practices. The ECRB members will receive bi-annual threat reports informing them of strategic issues pertinent to their businesses.
Keywords: Europe, EU, Banking, PMI, Cyber Intelligence, Operational Risk, Cybersecurity, CIISI-EU, Data Sharing, Cyber Risk, ECRB, ECB
Previous ArticleEBA Publishes List of Institutions for Benchmarking Exercise in 2020
EU published Directive 2021/338, which amends the Markets in Financial Instruments Directive (MiFID) II and the Capital Requirements Directives (CRD 4 and 5) to facilitate recovery from the COVID-19 crisis.
The Standing Committee of the European Free Trade Association (EFTA) recommended that a systemic risk buffer level of 4.5% for domestic exposures can be considered appropriate for addressing the identified systemic risks to the stability of the financial system in Norway.
In a recent statement, PRA clarified its approach to the application of certain EU regulatory technical standards and EBA guidelines on standardized and internal ratings-based approaches to credit risk, following the end of the Brexit transition.
In a recently published letter addressed to the G20 finance ministers and central bank governors, the FSB Chair Randal K. Quarles has set out the key FSB priorities for 2021.
EU published, in the Official Journal of the European Union, a corrigendum to the revised Capital Requirements Regulation (CRR2 or Regulation 2019/876).
ESAs published a joint supervisory statement on the effective and consistent application and on national supervision of the regulation on sustainability-related disclosures in the financial services sector (SFDR).
EC published a public consultation on the review of crisis management and deposit insurance frameworks in EU.
HKMA announced that enhancements will be made to the Special 100% Loan Guarantee of the SME Financing Guarantee Scheme (SFGS) and the application period will be extended to December 31, 2021.
EBA launched consultations on the regulatory and implementing technical standards on cooperation and information exchange between competent authorities involved in prudential supervision of investment firms.
BoE issued a letter to the CEOs of eight major UK banks that are in scope of the first Resolvability Assessment Framework (RAF) reporting and disclosure cycle.