Share these talks and lectures with your colleaguesInvite colleagues
The Eurosystem’s cyber resilience strategy for financial market infrastructures
Following the financial crisis, legislation and standards aimed at improving capitalisation and liquidity, risk management, recovery and resolution have made the financial system safer and more resilient than it was 10 years ago. At the same time, however, digitalisation and globalisation have not only opened up new opportunities for individuals and businesses to obtain information, conduct business and communicate, but also enabled cybercriminals to conduct ever more sophisticated, targeted and destructive cyberattacks. Against this background, the Eurosystem — in its function as overseer — launched a strategy for cyber resilience of financial market infrastructures. This paper gives an insight into the Eurosystem’s strategy for ensuring cyber resilience in financial market infrastructures, which is embedded in an evolving universe of cyber-related legislation, standardisation and guidance in the EU and at international level. The aim of the Eurosystem’s cyber resilience strategy is to improve the cyber resilience of the EU’s financial ecosystem by enhancing individual financial market infrastructures’ readiness and by fostering sectoral resilience and collaboration, in the context of increasing interdependencies, vulnerabilities and threats. It consists of three pillars: financial market infrastructure readiness, sector resilience and strategic regulator–industry engagement. Overall, it is recognised that maintaining and improving cyber resilience is only possible if governments/government agencies, public authorities, committees and market actors adopt joint approaches, eg by agreeing and standardising common frameworks. At the same time, the responsibility to ensure cyber resilience is and stays with each and every financial institution and financial market infrastructure.
The full article is available to institutions that have subscribed to the journal
Marc Bayle De Jessé is Director, General Market Infrastructure and Payments and leads the Directorate General Market Infrastructure and Payments at the European Central Bank (ECB). Previously he was Programme Manager for the T2S programme and, prior to that, managed dossiers related to the promotion of market integration and the definition of the Eurosystem’s operational framework, focusing in particular on payment systems and market infrastructure. He is the author of publications on market infrastructure integration and related issues, such as the Euro repo market. Marc is an active member and chairman of European and international working groups and frequently speaks at international conferences. Before joining the ECB he worked for 10 years at SICOVAM S.A. (now Euroclear France), in particular as adviser to senior management. Marc graduated from CERAM with a master’s degree in finance, having specialised in audit and post-market infrastructure.