Regulator Reports Growing Concern From EU Banks About Cyber Risk And Data Security

Concerns are growing among EU banks about the risks they face in relation to cyber and data security, according to the European Banking Authority (EBA).

The EBA said that cyber risk and data security were identified as the "main drivers for increasing operational risk" at EU banks in a new risk assessment report (76-page / 1.86MB PDF) that it compiled information from a variety of sources, including its own supervisory reporting data and results from a questionnaire issued to banks and market analysts.

According to the regulator, 55% of banks "foresee an increase in operational risk in their bank". This is up from 43% of banks and 35% of banks who anticipated such an increase in 2016 and 2015, respectively.