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ARTICLE · 14 DECEMBER 2018

New Cyber-resilience Oversight Expectations May Carry Compliance Challenges

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Getting cyber-resilience right matters. In July 2018, we published our analysis1 on the European Central Bank's (ECB) first foray into setting its expectations on cyber-resilience.

GermanyFinance and Banking

Getting cyber-resilience right matters. In July 2018, we published our analysis1 on the European Central Bank's (ECB) first foray into setting its expectations on cyber-resilience. In September, it finalized the TIBER-EU Framework on ethical red teaming by setting out standards that firms ought to meet in selecting eligible providers of recognized TIBER tests.2 All of this marked a "crossing of the Rubicon" for the ECB, acting in its central banking and financial stability role as opposed to its financial regulatory and supervisory role at the head of the Banking Union's Single Supervisory Mechanism (SSM) – which itself continues to put cyber-resilience as a key supervisory priority for 2019 and beyond. The ECB continued work on cyber-resilience on December 3, 2018 by publishing its Cyber-Resilience Oversight Expectations (the CROE) for financial market infrastructures (FMI).3

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