This post was originally published on Finextra (Security)
The Financial Stability Board (FSB) today published its second Peer Review of Spain, examining the country’s efforts to enhance cyber resilience in the financial sector and mitigate financial stability risks arising from operational incidents and cyber-attacks.
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The review finds Spanish authorities have placed significant focus on enhancing the cyber resilience of the financial sector, including preparations to meet the enhanced expectations under the European Union Digital Operational Resilience Act (DORA). While Spain has implemented good practices, growing digitalisation of the financial sector and the evolving cyber risk landscape warrant on-going enhancements to address rising challenges.
The review recommends that Spanish authorities:
develop a comprehensive mapping of the cyber threat landscape that could provide the industry and authorities themselves with intelligence to inform decision-making;
leverage best practices to bring enhanced consistency and maturity to cyber resilience across agencies, for example through cross-sectoral working groups and information-sharing mechanisms under the oversight of the Spanish Macroprudential Authority;
develop a national analysis of existing registers of information to identify critical third-party providers in Spain, assess concentration risks and define a strategy to address domestically critical third parties;
establish a
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