ECB’s de Cipollone: Need to Stay Ahead of Threats to Assure Cybersecurity

17 January 2024

By Isabel Teles – FRANKFURT (Econostream) – European Central Bank Executive Board member Piero Cipollone on Wednesday said that to guarantee cybersecurity in the financial system it was necessary to be ahead of threats.

In a speech at a meeting of the Euro Cyber Resilience Board for pan-European Financial Infrastructures (ECRB) in Frankfurt, a text of which was published to the website of the ECB, Cipollone said that ‘cybersecurity is our common good and it leaves no room for compromise: we need to remain one step ahead of attackers.’

A system-wide approach and cooperation were key to cyber resilience, he said.   

‘The ECRB is a major part of this effort, offering a space for trustful sharing of information, practices and techniques that increase our common and individual cyber resilience’, he said. ‘At the same time, central banks and authorities work together at international level in close collaboration with the industry, as cyber risk is not a local or regional phenomenon, but a global threat.’

In the financial system, new technologies were a central element to cyber resilience, but also challenged cyber security, he said.

According to the ECRB cyber resilience survey, ‘[a] good understanding of cyber risks at board level translates into better-informed decision-making and leads to the allocation of the resources needed’, he said.