Fabio Panetta: Adapting to the fast-moving cyber threat landscape - no room for complacency

Introductory remarks by Mr Fabio PanettaMember of the Executive Board of the European Central Bank, at the seventh meeting of the Euro Cyber Resilience Board for pan-European Financial Infrastructures, Frankfurt am Main, 1 June 2022. 

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
03 June 2022

For the past four years we have been working together on the Euro Cyber Resilience Board (ECRB). With representatives from pan-European financial market infrastructures and their critical service providers, central banks and other authorities, this Board is a unique and powerful forum for openly exchanging our views on cyber resilience and cyber intelligence.

Over the past few years we have built trust among ECRB members, working closely with one another to improve cyber resilience across the European financial sector. The success of our intelligence sharing arrangement – the Cyber Information and Intelligence Sharing Initiative (CIISI-EU) – and the numerous projects we are developing together reflects this trust.

Rather than forming a closed group catering only for direct members, the ECRB aims to promote the efficiency and safety of the entire European financial sector. Each ECRB member serves as an ambassador to the financial community, conveying the Board's proposals for improving cyber resilience. We are transparent about the initiatives we take, with the aim of ensuring they can be applied by other financial stakeholders or sectors, including those outside Europe. The publication of our CIISI documentation is one example of our openness.

Today I will discuss the cyber threat landscape we face and the ECRB's response to it.