04/16/2024 | Press release | Archived content
16 April 2024
As part of its macroprudential strategy to advance system-wide cyber resilience, the European Systemic Risk Board (ESRB) today published areportfocusing on three groups of operational policy tools:
Against this background, three avenues may be considered by private and public institutions:
This report builds on the ESRB's extensive work on how to mitigate risks from a systemic cyber incident. The ESRB's first report onsystemic cyber risklays the conceptual foundation for a macroprudential response to systemic cyber risk. The report on mitigating systemic cyber risk includes the basis for the systemic impact tolerance objective (SITO) approach to define thresholds beyond which macroprudential policy responses may be needed to avoid severe damage to the financial sector. The report onadvancing macroprudential tools for cyber resilienceevaluates preventative and remedial responses in the hands of authorities, including the use of capital buffers and cyber resilience scenario testing (CyRST).
The ESRB will continue its work on a comprehensive macroprudential cyber strategy, which will also be in line with the implementation of the Digital Operational Resilience Act (DORA). It is currently piloting the SITO approach, reviewing recent developments in CyRST and further analysing synergies from combining operational and financial policy tools. The European Systemic Cyber Group continues to serve as a hub for macroprudential authorities in the European Economic Area, in collaboration with the Bank of England.
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