Testing of EU Banks’ Cyber Defenses Needs Common EU Approach: Official



ecuUnion countries should test bank defenses against cyber attacks employinga popularset of necessities, a senior EU official said on Tuesday, because the bloc plans measures to spice up the retail marketplace for monetaryproducts.

Cyber attacks against banks have increased in numbers and elegancein recent times, raising questions about lenders’ capatownto offer protection to their customers.

looking to reassure savers and strengthen monetarystability, several EU countries are conducting tests on banks’ security systems, but EU authorities warned national initiatives could also be less effective and more costly than a popularEU approach.

“we’d like to circumvent a professionalliferation of testing responsibilitiesthat functionin several countries,” the ecucommission’s vice chairman Valdis Dombrovskis told a conference in Brussels.

“We believe tests that meet comparable standards need to be recognized across borders,” he added. this would pave the best way for common stress-tests performed at EU level, as suggested by EU officials in past weeks.

The cinterested in uppercyber security comes because the Commission prepares a policy action plan on retail monetaryservices, this type ofs insurance, loans and dadyments, in order to be released within the coming weeks.

Dombrovskis claimed the plan would encourage the U.S.e of remote identification schemes, this type ofs e-signature and e-identification, to take a look at to spice up consumers’ access to monetaryfacilitiesand coffeeer prices.

it is going to also try to facilitate the take-up of latest technologies within the monetarysector, where emerging fintech companies are challenging conventionalactors in a form of services, including payments and that insurance.

“Our focus need to be on removing barriers to market entry tokeeping our legislation proportionate,” Dombrovskis claimed, noting that varys couldcreate new risks that want to be addressed with greater sharing of knowledge among monetaryfirms and customary testing of security systems.