A consortium of EU financial institutions has called for greater harmonisation of cyber incident reporting requirements across the bloc, complaining the existing fractured system places a significant compliance burden on the sector.
The European Banking Federation (EBF), which represents major institutions across the continent, issued a position paper this month laying out a fragmented array of obligations placed on the shoulders of reporting institutions.
EU financial institutions including banks and payment service providers are required to report cyber incidents such as hacks and data leaks.
To continue reading...
Our Key Benefits
PaymentsCompliance is a premium information service for compliance, legal and regulatory professionals. Our award-winning regulatory monitoring platform is used by many of the world's leading payment services providers and e-money institutions, regulators, challenger banks, fintechs and law firms.
We keep our clients informed of critical regulatory change and help them understand, with in-depth analysis, when change is coming and the implications for their organisation.
We provide our clients with a quantifiable and significant ROI by reducing the amount of time and money spent monitoring and analysing regulatory environments in multiple jurisdictions.