ECB’s de Cos: Cyber Risk Understanding Needs to Continue to Advance

12 April 2024

By Isabel Teles – FRANKFURT (Econostream) – European Central Bank Governing Council member Pablo Hernández de Cos on Friday said that it was necessary to further understand cyber risks to financial stability in order to mitigate them.

Speaking at an event in Bilbao, Spain, de Cos, according to a text provided by Banco de España, which he heads, said, ‘[I]t is necessary to continue advancing in the quantification and understanding of the cyber risks to financial stability and the potential role of policies macroprudential in its mitigation.’

Even if the financial sector was one of those better prepared to deal with cyber risks, it was necessary to maintain and intensify efforts in that area in the coming years, he said.

‘The exchange of information on cyber threats and cyber incidents will also be crucial to improve collective defense capabilities’, he said.

‘Likewise, carrying out cyber resilience tests and risk management exercises sectoral crises, including the participation of relevant suppliers and others sectors with respect to which there are operational interdependencies, will be fundamental in the next years’, he added.