ALFI responds to the EU Commission consultation on digital operational resilience framework for financial services

6 Apr 2020 | Statements and Position Papers  


ALFI responds to the EU Commission consultation on digital operational resilience framework for financial services

Over the recent years, cyber-attacks to the financial sector have increased in number, sophistication and severity. The increasing digitalisation of finance is set to accelerate this trend. In April 2019, the European supervisory authorities advised the commission to propose targeted improvements to the EU financial regulatory framework to develop a single regulatory and supervisory rulebook for ICT operational resilience in the financial sector.

Through this consultation, the commission services aim to gather stakeholders’ views on the need for legislative improvements within the financial services acquis with a view to harmonise rules across the EU in a proportionate way to make the financial sector more secure and resilient while alleviating compliance and administrative burdens. In particular, the Commission services would welcome stakeholders’ input in four main areas: (1) requirements on ICT and security risk management in the legislative acquis applicable to the financial sector, (2) incident reporting requirements (3) digital operational resilience testing framework and (4) oversight of ICT third party providers to the financial institutions.

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