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EBF publishes proposals on Cyber incident reporting

In order to ensure that financial institutions are able to quickly and effectively report cyber incidents without at the same time sacrificing a proper incident management and recovery process, The European Banking Federation (EBF) published its proposals on cyber incident reporting.

In particular EBF makes the following proposals for supervisors and regulators:

  • Establish a central reporting and coordination hub in each Member State;
  • Harmonise reporting thresholds and create a common taxonomy for cyber security incidents;
  • Foster public-private real-time collaboration between regulators, supervisors, law enforcement, financial institutions and other cross-sectoral infrastructure actors;
  • Further involve national CERTs in information sharing;
  • Introduce a regular bi-directional information flow between regulators/ supervisors and the industry.

Full report: EBF position on Cyber incident reporting

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