Cyber risk and regulation in Europe
A new paradigm for banks
Building resilience to cyber risk in banks is a rapidly growing priority for regulators. This new report, by Deloitte's EMEA Centre for Regulatory Strategy, explains why banks in Europe should expect a growing level of scrutiny from authorities in how they deal with cyber risk, and greater pressure to demonstrate that they are addressing emerging regulatory concerns in a timely way. Taking steps now to get ahead of the game will be crucial.
As regulators get to grips with the nature and complexity of cyber threats, their approach to identifying unacceptable risks and desired responses by banks will become more sophisticated. Banks should expect a growing level of scrutiny of how they deal with cyber risk and greater pressure to demonstrate that they are addressing emerging regulatory concerns in a timely way.
It is crucial that senior risk and information officers as well as Boards get an early handle on how the regulatory framework is evolving and what expectations supervisors are developing for them. This report explores the evolution of these supervisory expectations, and highlights a number of steps banks can take to get ahead of the game and better embed emerging regulatory expectations as fully as possible into existing cyber risk programmes.
About the Centre for Regulatory Strategy, EMEA
The Deloitte Centre for Regulatory Strategy is a powerful resource of information and insight, designed to assist financial institutions manage the complexity and convergence of rapidly increasing new regulation.
With regional hubs in the Americas, Asia Pacific and EMEA, the Centre combines the strength of Deloitte’s regional and international network of experienced risk, regulatory, and industry professionals – including a deep roster of former regulators, industry specialists, and business advisers – with a rich understanding of the impact of regulations on business models and strategy.