ECB prioritises IT outsourcing and cyber resilience supervision

Institutions lost $161 million due to poor-quality outsourced services in 2022

Cyber Security Partner: QI Tech

IT outsourcing and cyber resilience are key vulnerabilities in supervised entities, the European Central Bank reported on November 15. 

The ECB published the results of its horizontal IT and cyber risk analysis for 2022. Concern around cyber security was “exacerbated by findings from several on-site inspections”, the ECB said. 

On-site inspections revealed “weaknesses in IT asset management, deficiencies in asset protection, limited incident detection capabilities, and limited cyber incident

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Combatting the ever-changing cyber threats in banking

Seemanta Patnaik, co-founder and chief technology officer at SecurEyes, discusses the continually evolving challenges and threats, and possible solutions to remain resilient to cyber attacks in today’s central banking environment.

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