EU plans new defenses against financial system hacks

By Najiyya Budaly (January 27, 2022, 16:04 GMT) — A European Union financial authority on Thursday recommended that lawmakers create a bloc-wide framework to bolster the online defenses of the financial system, after finding that cyberattacks could pose a risk problem for the markets.

The European Systemic Risk Board said Europe should put in place a macroprudential strategy to mitigate online attacks that could harm financial stability.

The board, set up in 2010 to help prevent financial risks in the EU, recommended that the bloc’s financial regulators develop a framework to monitor and analyze online risks. This could include creating scenarios that test how major financial firms react…

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Don F. Davis