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ESAs welcome ESRB Recommendation to create a pan-European systemic cyber incident coordination framework
Published By Europa [English], Thu, Jan 27, 2022 5:20 AM
The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) published today a statement welcoming the European Systemic Risk Board’s (ESRB) Recommendation on systemic cyber risk, which calls on the ESAs to prepare for the gradual development of a Pan-European systemic cyber incident coordination framework (EU-SCICF). This will support an effective and coordinated response at EU-level in the event of a major cross-border cyber incident that could have a systemic impact on the Union’s financial sector.
The ESRB Recommendation also proposes that the ESAs, in consultation with the European Central Bank (ECB) and the ESRB, carry out a mapping and subsequent analysis of current impediments, legal and other operational barriers for the effective development of the EU-SCICF.
This framework endorses the potential coordination roles of the ESAs as envisaged in the European Commission’s proposed Digital Operational Resilience Act (DORA).
Press release distributed by Media Pigeon on behalf of Europa, on Jan 27, 2022. For more information subscribe and follow