For the second consecutive year, the EY and Institute of International Finance (IIF) Bank Risk Management Survey finds that cybersecurity is the top concern for European banking Chief Risk Officers (CROs).
The survey, which uses sentiment data from 17 large European banks, finds that 82 percent of European CROs rank cybersecurity risk as the biggest threat to their business over the next 12 months (relative to 73 percent globally), and 71 percent believe cyber warfare between nation-states is becoming an increasingly real threat.
The challenging geopolitical environment is also leading to European banking CROs voicing concerns about global sanctions and operational resilience, and 82 percent of respondents believe geopolitical risks will increase this year.
“The most effective way to guard against cyber threats is by continuously boosting operational resilience. Here, the EU’s Digital Operational Resilience Act (DORA) plays a crucial role, enabling firms to reduce interruptions, adapt to progressively intricate risks, and promote heightened stability and security internally”, says Catalina Dodu, Consulting leader, EY Romania, and Cybersecurity Leader…
