They grow cyber threats to strategic infrastructures and the Italian government is gearing up: the Minister of Justice Carlo Nordio reported that “I am new rules on cybersecurity are at an advanced stage of preparation to face thehe threat from cyber attacks on the country’s digital infrastructure”, as indicated during communications on the administration of justice.
The global scope of cyber risks was also at the center of the meeting ofEuro Cyber Resilience Board (ECRB) for pan-European financial infrastructures: they represent “one of the main problems for global security,” he said Piero Cipollone, member of the executive board of the ECBwith a associated annual cost estimated at over $200 billion.
Cyber threats “are becoming more aggressive, moving closer to the heart of the financial system”, and “geopolitical conflicts lead to a further increase” in attacks, which “highlights the need to continue to invest in cyber resilience”, Cipollone highlighted.
Among these investments there is also that in technologies artificial intelligence, new weapon for cyber-attacks but also new tool in the hands of those who defend themselves.
Threats to financial infrastructure: stress tests are coming
Cyber threats have been identified as a systemic risk for the stability of the European financial system, but cyberattacks tend to go unreported or underestimated, the ECB indicates.
Gartner: hyperautomation among the main technological trends
“Financial market infrastructures are networks that mitigate risks, but they can also become a source of systemic risk if they malfunction,” Cipollone said. “The growing threat of cyber attacks and the damage and disruption they can cause highlights this clearly. Cyber security is a common good and leaves no room for compromise: we must always be one step ahead of the attackers. To achieve this goal, we need to take a systems-wide approach and constantly work together”.
Cipollone reiterated that “identifying potential weaknesses can help to more effectively mitigate cyber risks” and “to make more informed decisions and allocate the necessary resources”. For this, in 2024 the ECB “will subject 109 banks subject to direct supervision to stress tests to verify their response and recovery capabilities in the event of cyber attacks”.
Cybersecurity, “double” role of artificial intelligence
New technologies can come to help because “They offer the opportunity to support and improve cyber resilience, but can also pose a cybersecurity challenge.”he said, referring to the fact that, for example, artificial intelligence it can be used for sophisticated cyber attacks, with hackers exploiting its potential for social engineering, reconnaissance and exploitation.
In this context, “Financial entities must implement robust risk management practices to take into account the growing use of outsourcing and strong dependence on third-party service providers”, explained Cipollone, underlining the importance of due diligence before awarding contracts to suppliers.
The authorities, for their part, must be vigilant and, in particular, central banks must “require financial market infrastructures to identify, evaluate and manage interdependencies arising from third-party service providers and to monitor critical service providers”.
Euro cyber resilience board: sharing
In a context where cyber attacks “are constantly evolving and risks continue to grow”, the ECRB “brings together pan-European financial infrastructures, their critical service providers, central bank supervisors and other key European authorities for strategic discussions on IT risks. It enables the sharing of sensitive information in a secure environment, contributing to the resilience of the European financial system.”
Forums like the ECRB, underlined Cipollone, “bring great benefits”, because allow us to “combine efforts in the field of cybersecurity to the benefit of those who participate and, more generally, of the financial ecosystem”, because “observing the latest trends in terms of cyberattacks and what determines them allows us to better anticipate future threats”.
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