In its newly released Fintech Action Plan the European Parliament has emphasized cybersecurity as “the number one priority.” The plan draft identifies three specific areas that the EU hopes to address.
1. A public-private workshop to investigate barriers limiting information-sharing on cyberthreats, followed by a look into how these can be fixed.
2. A call for the three European supervisory authorities (ESAs) to map, by Q1 2019, the existing supervisory practices across financial sectors around ICT security and governance requirements, and, where appropriate, consider issuing guidelines to improve convergence and enforcement as well as offer any advice to the Commission on legislative changes.
3. Ask the ESAs to evaluate, by Q4 2018, the costs and benefits of developing a coherent cyber threat testing framework for significant market participants and infrastructures within the whole EU financial sector.
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