Building Cyber Resilience in European Financial Services

This technical report examines the current state of cyber resilience, infrastructure protection, and data security within the European financial services sector. It outlines the significance of enhancing cyber resilience as a critical component for the long-term viability and competitiveness of the industry. The report details the interconnected nature of financial services, which includes banks, payment processors, and fintech companies, emphasizing that a cyber incident in one organization can have widespread implications. It discusses the evolving regulatory environment and the necessity for effective security controls to protect sensitive data and maintain trust in the financial system. Furthermore, the report highlights key market drivers influencing cybersecurity strategies, including digital transformation and the increasing complexity of security needs. It also identifies various cyber threats facing the industry, such as phishing, ransomware, and insider threats, while addressing the challenges of adopting cloud services and the importance of compliance with data security regulations.