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
Next ArticleCBUAE Assesses Stability of Financial System in UAE
APRA has concluded its review of the comprehensive plans of authorized deposit-taking institutions for the assessment and management of loans with repayment deferrals.
ESAs (EBA, EIOPA, and ESMA) published the first joint report that assesses risks in the financial sector since the outbreak of the COVID-19 pandemic.
BoE and HM Treasury confirmed that the COVID Corporate Financing Facility (CCFF) will close for new purchases of commercial paper, with effect from March 23, 2021.
ECB published a decision allowing the euro area banks under its direct supervision to exclude certain central bank exposures from the leverage ratio.
ESAs launched a survey seeking feedback on the presentational aspects of product templates under the Sustainable Finance Disclosure Regulation (SFDR or Regulation 2019/2088).
ECB published input of the European System of Central Banks (ESCB) into the EBA feasibility report on reducing the reporting burden for banks in EU.
EC adopted a decision determining, for a limited period of time, that the regulatory framework applicable to central counterparties, or CCPs, in the UK and Northern Ireland is equivalent to the requirements laid down in the European Market Infrastructure Regulation (EMIR or Regulation 648/2012).
EBA has decided to phase out the guidelines on legislative and non-legislative moratoria of loan repayments, in accordance with the earlier specified end of September deadline.
EBA published an Opinion addressed to EC to raise awareness about the opportunity to clarify certain issues related to the definition of credit institution in the upcoming review of the Capital Requirements Directive and Regulation (CRD and CRR).
ECB finalized the guide on assessment methodology for the internal model method for calculating exposure to counterparty credit risk (CCR) and the advanced method for own funds requirements for credit valuation adjustment (A-CVA) risk.