The European Central Bank (ECB) earlier this year launched the
first cross-border framework for the standardisation and
coordination of cyber defence testing for financial institutions.
This could well provide a blueprint for the global standard that
has hitherto been absent, benefiting cross-border firms and more
generally improving the sector's cyber resilience. In this
blog, we explore the latest European developments and consider what
they could mean in this regard. Different regimes are already
emerging around the world, but establishing certain commonalities
could form the basis of an international approach.
Core components of the ECB's framework
Supervisors are rapidly adopting cyber defence testing
programmes, in particular for firms critical to the real economy
and the stability of financial markets. To date, however, this has
mostly been a 'bottom-up' process, led by individual
countries that were early leaders in the field, rather than the
requirements
