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ARTICLE · 17 JUNE 2022

Shoring Up The Defences – The EU's New Cybersecurity Competence Centre (ECCC)

PwC Legal Germany
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Improving cybersecurity and resilience of financial services, certainly those performing critical economic functions, has been a long-standing priority of legislative policymakers but also supervisory authorities.

GermanyTechnology
Michael Huertas
Michael Huertas
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Improving cybersecurity and resilience of financial services, certainly those performing critical economic functions, has been a long-standing priority of legislative policymakers but also supervisory authorities. Legislative but now with the ECCC also institutional action has been taken in a successive fashion1.

Finance is changing and with an increasing shift by financial services firms to meet customers' demands for digitisation, online services, mobile applications as well as a sustained move amongst firms but their counterparts and clients towards remote and location-independent working means cyber-security is now ever more important than ever. With rapidly evolving threat actors that are constantly adapting their tactics, techniques and procedures (TTPs) to remain ahead of financial services firms' defences, the EU created the ECCC2 by way of an EU Regulation (2021/887)3.

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