text: March 2021

text: March 2021

text: March 2021

text: DIRECTIVE

text: (EU) 2015/2366

text: on payment services in the internal market https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32015L2366 2 DIRECTIVE

text: on markets in financial instruments https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32014L0065 3 REGULATION

text: (EU) 2019/881

text: Cybersecurity Act https://eur-lex.europa.eu/eli/reg/2019/881/oj

text: March 2021

text: COM/2018/0109, FinTech Action plan https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52018DC0109 COM(2020) 591, Digital Finance Strategy for the EU https://eur-lex.europa.eu/legalcontent/EN/TXT/?uri=CELEX:52020DC0591 6 Financial services – improving resilience against cyberattacks (new rules) https://ec.europa.eu/info/law/betterregulation/have-your-say/initiatives/12090-Digital-Operational-Resilience-of-Financial-Services-DORFS-Act 7 EBA Mission and Tasks https://eba.europa.eu/about-us/missions-and-tasks 8 EBA Single Rulebook https://www.eba.europa.eu/regulation-and-policy/single-rulebook

text: March 2021

text: , https://eba.europa.eu/regulation-and-policy/internal-governance/guidelines-on-ict-and-security-risk-management 10 OJ L 69, 13.3.2018, RTS on strong customer authentication and common and secure open standards of communication https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32018R0389. 11 For further info, see: https://eba.europa.eu/regulation-and-policy/payment-services-and-electronic-money/guidelines-onmajor-incidents-reporting-under-psd2 12 For further info, see: https://eba.europa.eu/regulation-and-policy/payment-services-and-electronic-money/guidelines-onfraud-reporting-under-psd2 13 EIOPA https://www.eiopa.europa.eu/

text: March 2021

text: Cyber underwriting strategy https://www.eiopa.europa.eu/content/cyber-underwriting-strategy_en 15 EBA Guidelines on outsourcing arrangements,

text: , 25 February 2019 https://www.eba.europa.eu/sites/default/documents/files/documents/10180/2551996/38c80601-f5d7-4855-8ba3- 702423665479/EBA%20revised%20Guidelines%20on%20outsourcing%20arrangements.pdf?retry=1 16 Guidelines on outsourcing to cloud service providers, EIOPA-BoS-20-002, https://www.eiopa.europa.eu/content/guidelines-outsourcing-cloud-service-providers_en 17 Guidelines on outsourcing to cloud service providers (CSPs),

text: , https://www.esma.europa.eu/pressnews/esma-news/esma-publishes-cloud-outsourcing-guidelines 18 Euro Cyber Resilience Board for pan-European Financial Infrastructures https://www.ecb.europa.eu/paym/groups/eurocyber-board/html/index.en.html

text: March 2021

text: Forum on the Security of Retail Payments – SecuRe Pay https://www.ecb.europa.eu/paym/pol/forum/html/index.en.html 20 TIBER-EU framework https://www.ecb.europa.eu/paym/cyber-resilience/tiber-eu/html/index.en.html 21 Major European financial infrastructures join forces against cyber threats https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200227_1~062992656b.en.html 22 More information on the initiative is available at: https://www.ecb.europa.eu/paym/groups/euro-cyberboard/shared/pdf/ciisi-eu_practical_example.pdf

text: March 2021

text: Role of the G7 https://ec.europa.eu/info/food-farming-fisheries/farming/international-cooperation/internationalorganisations/g7_en 24 https://www.afme.eu/ 25 https://www.gfma.org/ 26 https://www.sifma.org/ 27 https://www.asifma.org/ 28 https://www.sifma.org/resources/general/cybersecurity-exercise-quantum-dawn-v/ 29 https://www.peif.eu/ 30 https://www.wsbi-esbg.org/ 31 https://www.europeanpaymentscouncil.eu/ 32 https://www.association-secure-transactions.eu/

text: March 2021

text: https://www.nfcert.org/ 34 https://www.fsisac.com/ 35 European Financial Institutes – Information Sharing and Analysis Centre, A Public-Private Partnership https://www.enisa.europa.eu/topics/cross-cooperation-for-csirts/finance/european-fi-isac-a-public-private-partnership

text: March 2021

text: https://www.enisa.europa.eu/topics/cyber-exercises 37 https://www.enisa.europa.eu/topics/cyber-crisis-management/trainings 38 https://www.enisa.europa.eu/topics/cyber-exercises/cyber-europe-programme 39 https://www.enisa.europa.eu/topics/cyber-exercises/cyber-exercises-platform 40 Single euro payments area (SEPA) https://ec.europa.eu/info/business-economy-euro/banking-and-finance/consumerfinance-and-payments/payment-services/single-euro-payments-area-sepa_bg 41 The Risk Assessment Reports provide an annual update on risks and vulnerabilities in the EU banking sector https://eba.europa.eu/risk-analysis-and-data/risk-assessment-reports

text: March 2021

text: https://www.europol.europa.eu/about-europol/european-cybercrime-centre-ec3 43 Take control of your digital life https://www.ebf.eu/ebf-media-centre/cyberscams/ 44 Global crackdown on money laundering https://www.ebf.eu/ebf-media-centre/422-arrested-and-4-031-money-mulesidentified-in-global-crackdown-on-money-laundering/ 45 No More Ransom campaign https://www.ebf.eu/cybersecurity/nomoreransom/ 46 The European Cybersecurity Month, https://www.enisa.europa.eu/topics/cybersecurity-education/european-cybersecurity-month

text: March 2021

text: 51 The Financial Stability Board (FSB) developed a Cyber Lexicon , which sets the terminology to be used in cybersecurity and cyber resilience in the financial sector. It supports the public and private sector in properly understanding each other when describing cyberrelated terminology. It also promotes a common language and facilitates cross-jurisdictional communication on cyber risk.

text: Cyber resilience oversight expectations for financial market infrastructures https://www.ecb.europa.eu/paym/pdf/cons/cyberresilience/Cyber_resilience_oversight_expectations_for_financial_market_i nfrastructures.pdf 48 The Cyber Risk Institute https://cyberriskinstitute.org/ 49 The Profile is the benchmark for cyber risk assessment, https://cyberriskinstitute.org/the-profile/ 50 The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system https://www.fsb.org/ 51 FSB Cyber Lexicon, https://www.fsb.org/2018/11/cyber-lexicon/ 52 The PCI Security Standards, https://www.pcisecuritystandards.org/ 53 REGULATION

text: (EU) 2019/881

text: Cybersecurity Act, OJ L 151, 7.6.2019 http://data.europa.eu/eli/reg/2019/881/oj

text: March 2021

text: Concordia Ecosystem, https://www.concordia-h2020.eu/ 55 CyberSec4Europe, https://cybersec4europe.eu/

identifier: EU Cybersecurity Initiatives in the Finance Sector

publisher: Europeiska unionens cybersäkerhetsbyrå

sprak: en

title: EU Cybersecurity Initiatives in the Finance Sector

serie: rapporter

text: MARCH 2021

type: rubrik

text: EU CYBERSECURITY INITIATIVES IN THE FINANCE SECTOR

text: ABOUT ENISA

text: The European Union Agency for Cybersecurity, ENISA, is the Union’s agency dedicated to achieving a high common level of cybersecurity across Europe. Established in 2004 and strengthened by the EU Cybersecurity Act, the European Union Agency for Cybersecurity contributes to EU cyber policy, enhances the trustworthiness of ICT products, services and processes with cybersecurity certification schemes, cooperates with Member States and EU bodies, and helps Europe prepare for the cyber challenges of tomorrow. Through knowledge sharing, capacity building and awareness raising, the Agency works together with its key stakeholders to strengthen trust in the connected economy, to boost resilience of the Union’s infrastructure, and, ultimately, to keep Europe’s society and citizens digitally secure. More information about ENISA and its work can be found at www.enisa.europa.eu.

type: stycke

text: CONTACT

text: For contacting the authors please use resilience@enisa.europa.eu For media enquiries about this paper, please use press@enisa.europa.eu.

text: AUTHORS

text: Rossen Naydenov, Marianthi Theocharidou – European Union Agency for Cybersecurity

text: LEGAL NOTICE

text: Notice must be taken that this publication represents the views and interpretations of ENISA, unless stated otherwise. This publication should not be construed to be a legal action of ENISA or the ENISA bodies unless adopted pursuant to the

text: Regulation (EU) No 2019/881

text: . This publication does not necessarily represent state-of the-art and ENISA may update it from time to time.

text: Third-party sources are quoted as appropriate. ENISA is not responsible for the content of the external sources including external websites referenced in this publication.

text: This publication is intended for information purposes only. It must be accessible free of charge. Neither ENISA nor any person acting on its behalf is responsible for the use that might be made of the information contained in this publication.

text: COPYRIGHT NOTICE

text: © European Union Agency for Cybersecurity (ENISA), 2021 Reproduction is authorised provided the source is acknowledged.

text: For any use or reproduction of photos or other material that is not under the ENISA copyright, permission must be sought directly from the copyright holders.

text: ISBN: 978-92-9204-497-8 – DOI: 10.2824/15644

text: TABLE OF CONTENTS

text: 1. INTRODUCTION 3

text: 1.1 SCOPE, TARGET AUDIENCE AND OBJECTIVES 3

text: 1.2 METHODOLOGY 3

text: 2. EU CYBER INITIATIVES IN THE FINANCE SECTOR 4

text: 2.1 DEVELOPMENT AND IMPLEMENTATION OF POLICY 4

text: 2.2 INFORMATION SHARING AND CAPACITY BUILDING 7

text: 2.3 CYBER CRISIS MANAGEMENT 10

text: 2.4 AWARENESS RAISING AND TRAINING 10

text: 2.5 STANDARDIZATION AND CERTIFICATION 12

text: 2.6 RESEARCH AND INNOVATION 13

text: 1. INTRODUCTION

text: The finance sector is a heavily regulated sector, and cybersecurity provisions are already 1 2 included in multiple EU policies and legislations (e.g. PSD 2 , MIFID II ). EU institutions, agencies, bodies, regulators and other groups of stakeholders run several initiatives dedicated to improving the cybersecurity of financial entities. This brief document outlines such European cybersecurity initiatives in the sector and it is a first depiction of the complex landscape of initiatives related to cybersecurity at an EU level.

text: 1.1 SCOPE, TARGET AUDIENCE AND OBJECTIVES

text: In this document, we have included initiatives of European scope, i.e. ones that are implemented in at least two EU Member states. This document focusses on financial entities, EU institutions, bodies and agencies of the Finance sector, as well as the finance community at large. The document was created in an effort to shed light on the initiatives and to guide interested parties in engaging with them and benefit from their produced results. Furthermore, it aims to make cooperation between the initiatives and their different groups work more seamless. The document may facilitate future assessments on the complementarity, overlaps and gaps of the respective initiatives and identify synergies.

text: ENISA’s references in different sections reflect what ENISA is already doing in that particular area, as well as the mandate that the Agency has received through the Cybersecurity Act.

text: 1.2 METHODOLOGY

text: The initiatives were collected during 2020 based on various sources, namely:

text: 1. Desktop research conducted by ENISA, 2. Information gathered via a survey conducted in 2020 targeted to financial stakeholders,

text: 3. Feedback during the validation of this report by relevant entities such as the European Commission (EC), European Banking Authority (EBA), European Central Bank (ECB), and ENISA’s Expert Group on Finance (EGFI), as well as the other entities who contributed to the survey.

text: The selected topics are organised on the articles of the cybersecurity act and are the following:

text:  Policy development and implementation (

text: article 5

text: )  Information sharing and capacity building (articles

text: )  Cyber crisis management and operational cooperation (article

text: )  Awareness raising (

text: article 10

text: )  Standardization and certification (

text: article 8

text: )  Research and Innovation (

text: article 11

text: The list of initiatives included is not exhaustive and will be updated further as more initiatives develop or come to the attention of ENISA. This is a living document and will be updated regularly by ENISA to reflect the developments in the sector and to allow for changes or updates on current or new initiatives. Should the reader wishes to bring to the attention of ENISA other EU initiatives in the Finance sector, please contact resilience@enisa.europa.eu.

text: 2. EU CYBER INITIATIVES IN THE FINANCE SECTOR

text: 2.1 DEVELOPMENT AND IMPLEMENTATION OF POLICY

text: The European Commission plays an active role in developing the EU's overall strategy and in POLICY designing and implementing EU policies for the financial sector. It evaluates and reports on

text: DEVELOPMENT

text: these policies on a regular basis. These initiatives fall under the responsibility of the European

text: AND

text: Commission.

text: IMPLEMENTATION

text: The European Commission issued the Fintech action plan in 2018, which purpose is to Drafting, revising and achieve stronger cyber resilience. It does this by: issuing or advising in the drafting of  Facilitating information sharing on cyber threats among market participants; policies and  Promoting higher supervisory convergence and enforcement of IT risk management; legislations  Increasing EU coordination in cyber threat testing using a common threat-intelligence lead method, such as TIBER-EU. Monitor, audit, 5 assess and monitor In 2020, the digital finance strategy sets out general lines on how Europe can support the the implementation of digital transformation of finance in the coming years, while regulating its risks. The strategy sets policies and out four main priorities: legislations related to or including  removing fragmentation in the Digital Single Market, cybersecurity  adapting the EU regulatory framework to facilitate digital innovation, provisions  promoting data-driven finance,  addressing the challenges and risks with digital transformation, including enhancing the digital operational resilience of the financial system.

text: The EC recently published its legislative proposal on Digital Operational Resilience Act ('DORA') . The ever-increasing dependency of the financial sector on software and digital processes means that information communication technologies (ICT) risks are inherent in finance.

text: The Commission, therefore, proposes that all financial entities ensure they can withstand all types of ICT-related disruptions and threats. Credit institutions, payment and e-money institutions, insurance companies and other financial entities will have to respect strict standards to prevent and limit the impact of ICT-related incidents. The EC also sets an oversight framework on service providers (such as Big Techs) which provide critical ICT services to financial entities.

text: The main task of the European Banking Authority (EBA) is to contribute to the creation of the European Single Rulebook , aiming at providing a single set of harmonised prudential rules for financial institutions throughout the EU. On ICT/cyber-related topics, the EBA has produced a number of regulatory documents including guidelines, recommendations, opinions and other

text: non-regulatory public statements. The EBA develops technical standards, guidelines, opinions and other legal instruments aimed at enhancing the cyber resilience of credit institutions, payment institutions, investment firms, and electronic money institutions.

text: The EBA has established two relevant structures, which are working on cyber-related matters. The first is the Sub-Committee on Payment Services, which is working on PSD2 related aspects and involves experts from the competent authorities. The second structure is the Task Force on IT Supervision (TFIT). TFIT involves ICT experts from Member States who are assisting in areas related to convergence of supervisory practices for supervision of IT and IT related risks. Additionally, it helps in developing a consistent and effective framework for the assessment of IT risks and other prudential risks, which may arise from the use of innovative technologies (FinTech) in supervised institutions

text: The EBA Guidelines on ICT and security risk management establish requirements for credit institutions, investment firms, payment institutions and electronic money institutions in the EU/EEA on the mitigation and management of their information and communication technology (ICT) risks and aim to ensure a consistent and robust approach across the Single Market. In November 2019, the EBA published Guidelines on ICT and security risk management (

text: ), which require management and mitigation of ICT and security risks through the establishment of sound internal governance and the use of an internal control framework setting clear responsibilities for financial institutions’ staff, including for the management bodies.

text: The EU Delegated Regulation on strong customer authentication is based on the EBA's Regulatory Technical Standards on strong customer authentication and secure communication and is applicable to credit institutions, payment institutions, and electronic money institutions. The requirements cover a range of security measures, which aim at enhancing customer protection, increase the security of electronic payments and decreasing the risk of fraud. The requirements also cover standards for secure communication between third party providers and account servicing payment service providers established in the EU/EEA in the process of provision of payment initiation services or account information services. The Regulation was developed by the EBA in close cooperation with the ECB.

text: The EBA Guidelines on incident reporting under PSD2 set out the criteria, thresholds and methodology to be used by credit institutions, payment institutions, and electronic money institutions in the EU/EEA. The guidelines determine whether an operational or security incident related to the provision of payment services, should be considered major and, therefore, be notified to the competent authority in the home Member State. The guidelines were developed by the EBA in close cooperation with the ECB.

text: EBA Guidelines on the reporting of retail payment fraud under PSD2 . The Guidelines aimed at contributing to the objective of PSD2 of enhancing the security of retail payments in the EU by requiring credit institutions, payment institutions and electronic money institutions to collect and report data on payment transactions and fraudulent payment transactions.

text: The European Insurance and Occupational Pensions Authority (EIOPA) undertakes initiatives to make regulation for both insurance and pensions sectors. EIOPA focuses on the impact of new technology enabled business models and the use of new technologies for

text: supervisory purposes. The Agency also contributes to the establishment of a common European approach towards technological innovation and promotes the exchange of information on cybersecurity and cyber-attacks.

text: EIOPA recently published a strategy on cyber underwriting . It takes into account the acceptance of cyber risks and the following possibilities:

text:  The losses that might come out of cyber-attacks;  The responses and recovery from a cyber-attack;  Sharing good practices in cyber risk management;  Encourage investment in risk reduction premiums.

text: The importance of outsourcing functions to cloud service providers has increased rapidly in many industries, especially in the finance sector. In fact, the EBA, EIOPA and ESMA have all issued outsourcing guidelines.

text: The EBA has issued a report on outsourcing arrangements , which have integrated the EBA recommendations on outsourcing to cloud service providers (December 2017). The recommendations aimed at overcoming the high level of uncertainty regarding supervisory expectations on outsourcing to cloud service providers and at removing the barriers that this uncertainty caused for institutions proceeding with using cloud services. The recommendations have been now integrated in the EBA Guidelines on outsourcing arrangements.

text: EIOPA has also issued outsourcing guidelines . These guidelines apply to the different Cloud services being offered. The purpose of these guidelines is provide clarification and transparency to market participants avoiding potential regulatory arbitrages. Additionally, they aim to foster supervisory convergence regarding the expectations and processes applicable in relation to cloud outsourcing.

text: Similarly, ESMA has published outsourcing guidelines , which are addressing specifically Cloud providers. These guidelines refer to the risks assessment that should be performed by the entities when engaging with Cloud service providers. In addition, requirements are included in relation to how the governance, organisational and control structure should look like, as well as the possible exit clauses. Additionally, the contractual obligations are defined in the notification mechanism for getting into a contractual agreement with Cloud service providers. The competent authorities in their supervision of cloud outsourcing arrangements could also use the guidelines.

text: The Euro Cyber Resilience Board for pan-European Financial Infrastructures (ECRB) is a forum for strategic discussions between financial market infrastructures. Its objectives are to:

text:  Raise awareness of the topic of cyber resilience;  Catalyse joint initiatives to develop effective solutions for the market;  Provide a place to share best practices and foster trust and collaboration.

text: The ECRB is composed of representatives of pan-European financial market infrastructures and of their critical service providers. Additionally, several national central banks, as well ECB are

text: active participants, without taking a position for final decisions. Furthermore, the EC, ENISA, EBA, Single Supervisory Mechanism (SSM), ESMA, and Europol are participating as observers.

text: ENISA supports policy development and implementation by carrying out a regularly updated stocktaking of ongoing and future EU policy initiatives with cybersecurity implications and make this information available to the European Commission and national cybersecurity competent authorities. It focuses in particular on policies related to the sectorial dimension of the NIS Directive, which includes the Finance sector, and on policies dedicated to cybersecurity (e.g. DSM, security certification, crisis cooperation, education and training, information hub). ENISA offers cybersecurity expert advice to the European Commission and other relevant EU institutions on policy developments.

text: ENISA also supports the cooperation between national competent authorities in order to work together towards the implementation of already agreed EU policies (legislation). It thus allows the sharing of national views and experience, and helps build upon those to draw and agree on recommendations. ENISA focuses on the NISD (in particular on requirements for operators of essential services e.g. identification, security requirements, incident reporting) and on the eIDAS Regulation as well as on NIS aspects of the General Data Protection Regulation (GDPR) (and more generally data protection) and the draft ePrivacy Regulation. Additionally, ENISA participates in the working groups of Forum on the Security of Retail Payments (SecuRe Pay) , by providing advice and recommendations for harmonization of the policy implementation.

text: 2.2 INFORMATION SHARING AND CAPACITY BUILDING

text: TIBER-EU is the European framework for threat intelligence-based ethical red teaming. It is

text: INFORMATION

text: the first EU-wide guide on how authorities, financial entities, threat intelligence and red-team

text: SHARING AND

text: providers should work together to test and improve the cyber resilience of entities by carrying

text: CAPACITY

text: out a controlled cyberattack. The TIBER-EU foresees the possibility for cooperation not only among different regulators from different sectors, but also among regulators from different BUILDING countries. This is one of the first initiatives to foresee such capability. Exchange of The ECRB launched the Cyber Information and Intelligence Sharing Initiative (CIISI-EU) information regarding on 27 February 2020. CIISI-EU brings together a community of public and private entities with threats, the aim of sharing intelligence and exchanging best practices. The core objectives of CIISI-EU vulnerabilities, are to: incidents, trends, good practices.  Protect the financial system by preventing, detecting and responding to cyberattacks;  Facilitate the sharing of information, intelligence and best practices between financial Between competent infrastructures; and authorities/CSIRTs,  Raise awareness of cybersecurity threats. law enforcement and defence. The CIISI-EU community is a market-driven initiative. It consists of pan-European financial infrastructures, central banks (in their operational capacity), critical service providers, ENISA and EUROPOL, as represented in the ECRB. Authorities in their capacity as regulators, overseers and/or supervisors are not part of the CIISI-EU Community. Regulatory reporting on cyber incidents and data breaches are outside the scope of information and intelligence sharing within the CIISI-EU Community .

text: The G7 set up a Cyber Expert Group (CEG), a group of cybersecurity experts that meets regularly to facilitate progress on major international debates and that reports to G7 ministers and governors. This group is chaired by the United Kingdom and the United States. The objectives of the CEG are to identify the main cybersecurity risks in the financial sector and to propose actions to be taken in this area.

text: The CEG also works on other topics such as the identification of vulnerabilities, penetration testing, the risks of contagion resulting from relations with third parties, and cooperation between the public and private sectors.

text: The Association for Financial Markets in Europe (AFME) is actively engaged in coordinating the effort to support a safe, secure, resilient information infrastructure within the financial sector, which provides security and privacy of customer information and efficient, reliable execution of transactions. AFME continually works with industry and government leaders to identify and communicate cybersecurity best practices and capabilities to educate the industry on evolving threats and appropriate responses. Cybersecurity being cross-border in nature, AFME is pro-actively engaged through the GFMA (Global Financial Markets 25 26 27 Association ), with sister trade organisations (SIFMA and ASIFMA ) on cybersecurity related issues.

text: On November 7 2019, SIFMA held a global cyber exercise 'Quantum Dawn V' (QDV) . QDV brought together key participants from the global financial community, attracting public and private sector institutions from many jurisdictions and professionals representing a broad range of roles and responsibilities. The exercise helped identify the roles and responsibilities of key participants in managing global crises with cross-border impacts. The exercise scenario emphasized cross-jurisdiction communication and coordination between member firms and regulatory agencies in North America, Europe, and Asia.

text: The Pan European Insurance Forum (PEIF) is involved in the promotion of greater transparency of cyber-related incidents to make a solid base of data available to the cyber insurance underwriting community. Greater transparency is intended both in quantitative terms (i.e., increasing the amount of information currently produced and exchanged within the European market, and giving access to these information to a wider group of economic agents) and in qualitative terms (i.e., the development of a common language and a standard set of data points to be collected and shared).

text: Additionally, the following structures also contribute to information sharing and cooperation:

text:  The European Savings and Retail Banking Group (ESBG) is involved in monitoring policy development, organising exchanges with policymakers and sharing best practices.  The European Payments Council (EPC) , through its Payment Scheme Fraud Prevention Working Group (PSFPWG) focuses on fraud data collection and analysis, information sharing and prevention measures.  The European Association for Secure Transactions (EAST) uses its membership platforms to provide country and European updates on payments and terminal fraud (fraud types, fraud origins and due diligence), for the gathering, collation and

text: dissemination of related information, trends and general statistics across all geographies. Sharing also includes fraud definitions and preventive measures. At the international level, EAST maintains an active global Public-Private Partnership Network that includes Europol, GCCPOL, ASEANAPOL, US Secret Service and INTERPOL. EAST is developing a network of Global Members (entities that operate across two or more regions) and has country representation from America, Africa, Eastern Europe and Pacific Asia.  The Nordic Financial CERT runs continuous information sharing in the member community and participates actively in information sharing and cooperation with government, police and international information-sharing organizations.

text: At the international level, the Financial Services Information Sharing and Analysis Center (FS-ISAC) focuses on safe and effective information sharing among financial institutions. The particular initiative has members from across the globe, which includes many European members as well. The FS-ISAC online sharing platform provides a way to share information without attribution. The ISAC also offers secure chat rooms, email lists, communities of interest and other efforts to encourage sharing. It also maintains an active Public-Private Partnership Network that includes Europol, National cybersecurity centres in the Netherlands and the United Kingdom. The ISAC offers guidelines and recommendations, Info sharing (IOCs, TTPs, etc.), Threat Intelligence, Industry papers, Opinion Papers, Playbooks and preparedness benchmarking.

text: ENISA contributes to the initiatives by supporting the establishment of information sharing and analysis centres (ISACs) in various sectors by providing information on best practice and guidance on available tools and procedures, as well as by appropriately addressing regulatory issues related to information sharing. ENISA is part of the established European ISAC in Finance. The European Financial Institutes – Information Sharing and Analysis Centre (FI- SAC) is an independent organisation that was founded in 2008. Membership consists of country representatives coming from the financial sector, national CERT's (GovCerts) and Law Enforcement Agencies (LEAs). Other organisations represented are ENISA, Europol, the European Central Bank (ECB), the European Payments Council (EPC) and the European Commission. ENISA actively supports European FI-ISAC.

text: This information exchange helps each member and the banks in its member state, to raise awareness on potentials risks, and provides an early warning on new threats and MO's. The mission of the European FI-ISAC is information exchange on electronic and mobile channel, credit/debit cards, central systems and all ICT related topics including:

text:  Cyber-criminal activity affecting the financial community  Vulnerabilities, technology trends and threats  Incidents and case-studies

text: The members share information via meetings (biannually, hosted by members, in different European cities), via forwarding continuously relevant information to the EU FI-ISAC list server and via direct individual communication between member organizations/individuals. Trusted relationships are key to successful co-operation and exchange between members. Members represent their country and should actively participate in the information exchange. The European FI-ISAC has signed a Memorandum of Understanding with Europol EC3, which is a step to improve cooperation between the European banking community and European Law Enforcement Agencies.

text: EU CYBERSECURITY INITIATIVES IN THE FINANCE SECTOR 2.3 CYBER CRISIS MANAGEMENT

text: ENISA plays an active role in the EU coordinated response to cybersecurity incidents

text: CYBER CRISIS

text: crises, assisting the European Commission whenever required, notably in the framework of the

text: MANAGEMENT

text: Integrated Political Crisis Response (IPCR) arrangements.

text: Participation or ENISA works closely with the Member States to develop EU-level cyber crisis management having a specific procedures to improve situational awareness in the event of cross-border cyber incidents, to assigned role in the assist both national level and EU-level decision-makers in taking the right decisions. ENISA also coordinated 36 37 runs several crisis simulations and exercises and offers numerous trainings on this topic. operational response

text: at Union and Member Additionally, ENISA manages the programme of pan-European exercises named Cyber State level to a large- 38 39 Europe and offers the cyber exercises platform , which is a tool for managing complex scale cyber incident. exercises.

text: Support in The following structures also contribute to the overall cyber crisis management: operational handling

text: of cybersecurity  The European Association for Secure Transactions (EAST) performs incident incidents, including identification and qualified response actions taken in different locations. response and  The Nordic Financial CERT supports and assists members in incident handling, recovery by providing response and recovery. expertise and/or  The European Payments Council, via its Payment Scheme Fraud Prevention Working resources or by

text: Group (PSFPWG), facilitates the collaboration between Payment Service Providers on facilitating the

text: operational payment fraud prevention including cybersecurity incidents affecting the operational SEPA payment schemes. collaboration  FS-ISAC provides industry-wide crisis response and coordination calls, crisis between MS or

text: communications channels and support staff. public/private sectors.

text: 2.4 AWARENESS RAISING AND TRAINING

text: The European Banking Authority (EBA) develops awareness for cyber resilience through its

text: policy work and through supervisory convergence activities. These involve workshops and

text: training for supervisors and regulators across the EU and some non-EU jurisdictions. On the

text: supervisory side, the EBA raises awareness also by incorporating specific details on ICT and

text: cybersecurity into supervision. As part of its mandate to assess risks and vulnerabilities in the

text: EU banking sector, the EBA publishes regular risk assessment reports with ICT and

text: cybersecurity risks included on a regular basis. Similarly, the joint committee of the ESAs risks

text: reports also include regularly aspects of cybersecurity. The EBA cooperates too with external

text: stakeholders, including consultations, roundtables and workshops.

text: Under the umbrella of the EBA’s FinTech Knowledge Hub, the EBA also provides training to

text: competent authorities on the topics of ICT and security supervision, fostering common

text: understanding, knowledge exchange and guidance on the application of policy products in day-

text: to-day supervisory activities. In addition, the EBA develops workshops and training on cyber

text: risks and other risks for national authorities responsible for the supervision of credit institutions,

text: payment institutions and other legal entities. These include physical seminars and online

text: training or webinars. Within the mandate of the FinTech Knowledge Hub, the EBA also

text: engages with industry on cyber risks and other FinTech related topics in order to enhance

text: knowledge sharing between the industry, the EBA and the competent authorities.

text: TRAINING

text: The European Banking Federation (EBF) plans and implements activities to raise awareness Coordinating the on cybersecurity issues and to enhance cybersecurity skills for bank employees and customers. design and planning Through its Cybersecurity Working Group, the EBF is actively working on cyber risk of training courses, awareness-raising campaigns and initiatives in order to enhance cybersecurity skills for both the creating training workforce and EU citizens. In 2014, the EBF signed a MoU with EUROPOL’s European material and/or Cybercrime Center (EC3) on three levels, including awareness-raising. Since then, it has providing targeted leveraged the network of its banking community throughout 32 countries to raise awareness on training courses; the latest cyber threats and solutions to mitigate the risks within the sector (employees, address the lack of customers and board level). The EBF has jointly created with EC3 the Cyber scams cyber experts across

text: campaign and supports also the European Money Mulling Action and NoMoreRansom . the EU by offering Moreover, the EBF organizes annually the EBF Cybersecurity Conference, an annual event in training, education Brussels on cybersecurity in the financial sector and the EBF Innovation & Cyber Thursdays, and practical covering an array of topics in the domain of digital innovation, including a day dedicated to application or working cybersecurity and resilience, which explores the rapidly evolving trends and challenges for with MS to include banks. Both events take place in October, in the framework of the European Cybersecurity cybersecurity training Month (ECSM), which the EBF actively supports. in MS educational

text: curricula. Additionally, these stakeholders also participate in the awareness-raising actions at EU level:

text:  European Savings and Retail Banking Group (ESBG) through advocacy in the field of

text: cybersecurity, targeting members and stakeholders.

text:  European Payments Council through its Payment Security Support Group (PSSG)

text: provides advice and guidance on security issues affecting payments or payment-

text: related services within the framework of the EPC’s activities.

text:  ESBG through position papers, organisation of public events and seminars.

text:  FI-ISAC shares information on new threats and attacks among its constituency.

text:  EAST shares information on Payment Alerts, Fraud Alerts, Physical Attack Alerts, best AWARENESS

text: practice and guidance information, and conducts Private and Public training activities

text: RAISING

text: At the international level, the FS-ISAC engages in awareness-raising through conference Ensure cybersecurity speaking engagements, good practice briefings to stakeholder groups (e.g. industry is a common federations). Awareness mostly focuses on network and cybercrime threats. These include daily responsibility by alerts, metrics reporting, threat calls, briefs and other activities. The task of the Global promoting cyber Intelligence Office, based out of London, is to help financial institutions understand the threat hygiene and making landscape through research and analysis. The FS ISAC offers Intelligence training, support for relevant stakeholders workforce diversity through academic scholarships. They also offer cyber range exercises and aware of the relevant hands-on training. risks, threats, good

text: practices and own ENISA reinforces links between EU institutions and general awareness-raising campaigns role detect and through active engagement of EU institutions in the European Cybersecurity Month 46 actively protecting (ECSM) . The ECSM carries out regular stocktaking of national awareness-raising initiatives. It themselves against also builds upon this stocktaking and analyses and provides recommendations and advice on attacks. best practice in awareness-raising, in particular about communication activities.

text: EU CYBERSECURITY INITIATIVES IN THE FINANCE SECTOR 2.5 STANDARDIZATION AND CERTIFICATION

text: The European Central Bank (ECB) published the Cyber Resilience Oversight Expectations STANDARDIZATION (CROE) for financial market infrastructures (FMIs). The CROE defines Euro-system’s & CERTIFICATION regulator expectations in terms of cyber resilience, based on existing global guidance. It provides clear steps for the FMIs on how to comply with the guidelines. Development of cybersecurity The Cyber Risk Institute (CRI) is engaged in the protection of the global economy. It does certification schemes, soby enhancing cybersecurity and resiliency through standardization. As a not-for-profit in the certification of coalition of financial institutions and trade associations, CRI houses and maintains the products, services and Financial Services Cybersecurity Profile (“the Profile”) — the benchmark for cybersecurity processes based on and resiliency in the financial services industry. This ever-evolving and concise list of existing cybersecurity assessment questions is drawn based on the intersection of global regulations and cyber certification schemes. standards, such as the standards of ISO and NIST. The Profile also aims to create a common supervisory tool designed to improve the ability of authorities to benchmark firm practices. Development of standards related to The EBA published two regulatory technical standards under the Payment Services cybersecurity for Directive II. The two technical standards are: products, services or processes.  Regulatory technical standard-setting technical requirements on development, operation and maintenance of the electronic central register and on access to the information contained therein, under Article 15(4) of PSD2  Implementing technical standards on the details and structure of the information entered by competent authorities in their public registers and notified to the EBA under Article 15(5) of PSD2

text: The Payment card industry (PCI) standards Council ’s mission is to enhance global payment account data security by developing standards and supporting services driving education, awareness, and effective implementation by stakeholders. The PCI Security Standards are developed specifically to protect payment account data throughout the payment lifecycle and to enable technology solutions that devalue this data and remove the incentive for criminals to steal it. They include standards for merchants, service providers, and financial institutions on security practices technologies and processes, and standards for developers and vendors for creating secure payment products and solutions. The council produced 15 PCI Security Standards, which are to be used in different parts of the payment process.

text: The

text: Regulation (EU) 2019/881

text: (Cybersecurity Act) , establishes a European cybersecurity certification framework for ICT products, services and processes. ENISA participates in this new framework, by preparing candidate certification schemes on the request of the European Commission or the European Cybersecurity Coordination Group (representation of Member

text: States). Additionally, ENISA analyses aspects of functional equivalence of existing certification schemes across the EU (at the MS as well as the EU level).

text: 2.6 RESEARCH AND INNOVATION

text: CONCORDIA is a Cybersecurity Competence Network with leading research, technology, industrial and public competences. CONCORDIA provides excellence and leadership in RESEARCH & technology, processes and services to establish a user-centric EU-integrated cybersecurity INNOVATION ecosystem for a digital sovereign Europe. Bringing different stakeholders together, developing innovative solutions in various sectors such as the finance sector, providing leading research Promote research & and innovation through virtual labs, training courses and cyber ranges, as well as giving innovation by providing expertise to European policymakers and industry are examples of CONCORDIA’s services. funding, designing, Besides, CONCORDIA is building a European educational ecosystem and publishes on regular implementing and basis reports on cybersecurity skills certifications or threat landscape coordinating research & innovation funding Similarly, Cybersecurity for Europe is a research project, working towards harmonising the programmes and development of software components. It covers real-world use cases that address cybersecurity identifying priorities for challenges within the vertical sectors of digital infrastructure, finance, government and smart research & innovation cities, healthcare and transportation. One of the work packages focuses specifically on the funding. common research, development and innovation in next-generation cybersecurity technologies (including dual-use), applications and services with a focus on horizontal cybersecurity technologies and cybersecurity in critical sectors (e.g. finance).

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text: ABOUT ENIS A

text: The European Union Agency for Cybersecurity, ENISA, is the Union’s agency dedicated to achieving a high common level of cybersecurity across Europe. Established in 2004 and strengthened by the EU Cybersecurity Act, the European Union Agency for Cybersecurity contributes to EU cyber policy, enhances the trustworthiness of ICT products, services and processes with cybersecurity certification schemes, cooperates with Member States and EU bodies, and helps Europe prepare for the cyber challenges of tomorrow. Through knowledge sharing, capacity building and awareness raising, the Agency works together with its key stakeholders to strengthen trust in the connected economy, to boost resilience of the Union’s infrastructure, and, ultimately, to keep Europe’s society and citizens digitally secure. More information about ENISA and its work can be found here: www.enisa.europa.eu.

text: ISBN: 978-92-9204-497-8 DOI: 10.2824/15644