EU To Enhance Cyber Resilience Of Its Financial Sector

The European Supervisory Authorities (EBA, EIOPA, and ESMA) have launched the EU Systemic Cyber Incident Coordination Framework (EU-SCICF) under the Digital Operational Resilience Act (DORA) to enhance the financial sector’s response to cyber incidents, improving coordination among EU financial authorities and international actors.

On 19 June 2024, the three European Supervisory Authorities (EBA, EIOPA, and ESMA – the ESAs) announce the establishment of the EU Systemic Cyber Incident Coordination Framework (EU-SCICF).

This initiative, guided by the Digital Operational Resilience Act (DORA), aims to bolster the financial sector’s ability to respond to cyber incidents that pose risks to financial stability by enhancing coordination among financial authorities in the European Union and with key international actors.

This initiative has nothing to do with the Microsoft error that occurred during a recent upgrade, which caused widespread disruptions due to a software flaw. The EU-SCICF is focused on systemic coordination and resilience in the financial sector, separate from individual corporate incidents.

Key Elements of the EU-SCICF

1. EU-SCICF Secretariat: This body will support the framework’s operations, ensuring efficient communication and management.
2. EU-SCICF Forum: This forum will focus on testing and refining the framework, ensuring it is robust and effective in various scenarios.
3. EU-SCICF Crisis Coordination: This entity will facilitate coordinated actions among participating authorities during a cyber crisis, ensuring a swift and unified response.

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