Report on the feasibility for further centralisation of reporting of major ICT-related incidents : Article 21 of REGULATION (EU) 2022/2554

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<title>Report on the feasibility for further centralisation of reporting of major ICT-related incidents</title>
<subTitle>: Article 21 of REGULATION (EU) 2022/2554</subTitle>
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<abstract displayLabel="Summary">The report on the feasibility of further centralizing the reporting of major ICT-related incidents under DORA explores the potential benefits, limitations, and risks of establishing a single EU Hub for incident reporting. It examines the current decentralized system, where financial entities report incidents to national competent authorities, and compares it with two centralization scenarios: a Data Sharing model and a fully Centralized Hub. The report highlights the technical, legal, and operational prerequisites for each scenario, as well as the potential cost implications. It concludes that while all three scenarios are technically feasible, the fully Centralized Hub offers the greatest benefits in terms of standardization, data quality, and operational efficiency, despite the higher initial implementation costs and the need for robust security measures to mitigate the risks associated with data concentration. The report also emphasizes the importance of further analysis and stakeholder consultation to ensure a smooth transition and effective implementation</abstract>
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