Cyber Risk Management is a priority within the European banking sector, involving a continuous cycle of identifying, quantifying, managing, and monitoring IT and information security risks. This process is vital for ensuring the integrity and resilience of banking operations in the EU.
In line with this, the ECB, EBA, and the SRB are rigorously monitoring developments in this area. These bodies issue comprehensive regulations and informative newsletters, and conduct verification measures, including on-site inspections, to evaluate the effectiveness of cyber risk controls at supervised banks. Their diligent oversight helps maintain robust cybersecurity practices across the financial sector, protecting institutions from evolving cyber threats.
Simultaneously managing multiple compliance projects associated with the Digital Operational Resilience Act (DORA), each under tight deadlines. This demands the deployment of diverse expertise and the implementation of accelerators to streamline adjustments and optimise the efficiency of the associated investments.
Managing requests from the ECB that align with declarations made during stress testing exercises and conform to market best practices. This involves not only responding effectively to specific demands but also ensuring that cyber resilience strategies are robust and reflect the highest industry standards. This necessitates continuous adaptation and enhancement of their cybersecurity measures to meet evolving regulatory expectations and safeguard against potential vulnerabilities.
Keeping abreast of the ECB/EBA/SRB's priorities and expectations regarding Cyber Risk Management and integrating these priorities into cyber security strategies. This requires proactively aligning risk management practices with these guidelines to ensure adequate preparedness for regulatory scrutiny and able to mitigate potential cyber threats effectively.
Effectively managing On-Site Inspections (OSIs) to ensure they accurately represent the actual cybersecurity measures and practices in place. This requires meticulous preparation and transparency to demonstrate compliance and operational resilience to inspectors. This requires that reported processes and implemented controls are clearly documented and accessible, aligning closely with regulatory expectations and industry standards to successfully navigate these rigorous evaluations.
PwC has supported numerous banks in various of Cyber Risk Management projects.
As a leading consulting firm, we can work with your organisation to deliver high-quality outcomes across all aspects of Cyber Risk Management. We can also advise on value-adding initiatives, identify areas requiring enhancement, and support clients on ensuring compliance with regulatory requirements.
We can assist you with the following topics:
Cyber Risk Management Workstream Lead, Partner, PwC Italy
Tel: +39 334 689 6335