Low & Bonar : Banca d'Italia-Consob joint strategy for cybersecurity in the financial sector

Comunicato Stampa

DIFFUSO A CURA DEL SERVIZIO SEGRETERIA PARTICOLARE DEL DIRETTORIO E COMUNICAZIONE

Rome, 16 January 2020

Banca d'Italia-Consob joint strategy for cybersecurity in the financial sector

Banca d'Italia and Consob have agreed on a common strategy to strengthen the Italian financial sector's cybersecurity through specific measures for the following financial infrastructures: payment systems, central counterparties, central securities depositories and trading venues.

The strategy acknowledges the value of a cooperative and synergic approach and aims to 1) counter IT threats arising from the development of new technologies and of the digital economy; 2) increase the security of financial entities and of digital services for consumers, firms and the government; and 3) ensure the reliability of the financial system as a whole.

The joint action plan covers different areas: regulation and supervision, public-private cooperation, and the development of cyber risk awareness.

Banca d'Italia and Consob will make use of the tools that have already been adopted by the Eurosystem to evaluate cyber risk, such as the Cyber Resilience Oversight Expectations for Financial Market Infrastructures (CROE), which provides a methodology for supervising cyber risk. Banca d'Italia and Consob will also develop TIBER-IT, a testing model based on the European Threat Intelligence-Based Ethical Red Teaming (TIBER-EU) framework, and will evaluate how and when it should be applied to the different financial entities, taking account of operators' current level of preparedness.

Divisione Stampa e relazioni esterne - Banca d'Italia e-mail:[e-mail].: [phone]