on 2021-02-0402:55 PM - edited on 2021-08-1905:10 PM by JordanBauman
The European Baking Authority (EBA) is an independent European Union (EU) Authority that works to ensure effective and consistent prudential regulation and supervision across the European banking sector. The EBA plays an important role in promoting convergence of supervisory practices to ensure a harmonised application of prudential rules.
The complexity of information and communication technology (ICT) has led to more security and cyber-related incidents for financial institutions in recent years. This development is due to the increasing digitalisation of the financial sector and the evolving interconnectednessthrough telecommunications channels (internet, mobile and wireless lines, and wide areanetworks) and with other financial institutions and third parties.
These changes render financialinstitutions’ operations vulnerable to external security attacks, including cyber-attacks;therefore, recognising the need for preparedness for cybersecurity, the EBA Guidelines on ICT and Security Risk Management implicitlycover the need for cybersecurity within the financial institution’s information security measures. Within the guidelines, the EBA has provided detailed guidance regarding how supervisors should monitor ICT and security risks within their organisation, how financial institutions should manage outsourcing, and the expectations for ICT and security risk management for financial institutions.
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