Cyber Security in banks continues to be a priority for regulators

Perspectives

Cyber Security in banks continues to be a priority for regulators

European Central Bank (ECB) will conduct frequent on-site inspections with a focus on IT and cyber security. Having previously released the Threat Intelligence-based Ethical Red Teaming guideline, the ECB will surely follow banks’ reports for these assessments.

Timely detection of cyber-attacks will enable banks to identify and monitor trends in cyber incidents affecting their institutions and to gain a deeper knowledge of the expanding cyber threat landscape.

This article provides further detail on ECB key recommendations for financial services industry (FSI) to simplify its IT systems, collaborate more and search for alternative solutions in regards to cyber skills gap.

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