Cyber risk and regulation in Europe. A new paradigm for banks

ECB publishes European framework for testing financial sector resilience to cyber attacks

The European Central Bank (ECB) published this month the European Framework for Threat Intelligence-based Ethical Red Teaming (TIBER-EU), which is the first Europe-wide framework for controlled and bespoke tests against cyber-attacks in the financial market.

The TIBER-EU framework facilitates a harmonized European approach towards intelligence-led tests which mimic the tactics, techniques and procedures of real hackers who can be a genuine threat. TIBER-EU based tests simulate a cyber-attack on an entity’s critical functions and underlying systems, such as its people, processes and technologies. This helps the entity to assess its protection, detection and response capabilities against potential cyber-attacks.