Banks to be forced to reveal all cyber security breaches to the European Central Bank

All banks regulated by the European Central Bank (ECB) will be forced to reveal all major cyber security breaches, according to one of the supervisor’s bosses.

Starting this summer, banks directly supervised by the ECB will have to “report all significant cyber incidents”, said Sabine Lautenschlaeger, a member of the ECB’s executive board.

At a speech in Frankfurt, she said: “This will help us to assess more objectively how many incidents there are and how cyber threats evolve. It will also help us to identify vulnerabilities and common pitfalls.”



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Source: CITY AM.