European Banks Seek Cyber Incident Reporting Overhaul

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.

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