The European Supervisory Authorities (ESAs) have published two pieces of Joint Advice in response to requests made by the European Commission in its March 2018 FinTech Action Plan. The guidance documents aim to promote stronger operational resilience and harmonization in the EU financial sector.
The documents are:
- Joint Advice on the need for legislative improvements relating to Information and Communication Technology (ICT) risk management requirements in the European Union (EU) financial sector;
- Joint Advice on the costs and benefits of a coherent cyber resilience testing framework for significant market participants and infrastructures within the EU financial sector.
The guidance will assist the European Commission in making decisions about the need for legislative improvements and a standard cyber resilience testing framework.