Cyber security - The number one priority on European Regulators agenda

The European Commission issued a Consultation Paper on a potential initiative regarding the digital operational resilience in the financial services area.

The Commission services are working on a new Digital Finance Strategy for the EU, that might take into account some key aspects like deepening the Single Market for digital financial services, making the EU financial services regulatory framework more friendly in terms of innovation and improving the digital operational resilience of the financial system.

Also, in addition to rules harmonisation, the Commission is taking into account some significant new regulatory initiatives, including making the TIBER penetration testing for significant institutions mandatory, and setting up an oversight framework for critical third-party providers, including cloud service providers (CSPs).

This article provides further insight on the Consultation Paper and its impact.