Mitigating systemic cyber risk : January 2022

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      <subfield code="a">Mitigating systemic cyber risk</subfield>
      <subfield code="b">: January 2022</subfield>
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      <subfield code="a">Frankfurt</subfield>
      <subfield code="b"> European Systemic Risk Board</subfield>
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      <subfield code="a">The constantly evolving cyber risk landscape and recent increase in cyber incidents are indicators of a greater threat to financial stability within the European Union. In the worst case, a cyber incident could affect operational systems in the financial system and impair the provision of critical economic functions, trigger financial contagion or lead to an erosion of confidence in the financial system. If the financial system is not able to absorb these shocks, financial stability is likely to be put at risk and a systemic cyber crisis could unfold (ESRB, 2020).  Of particular importance is the need to overcome the risk to financial stability stemming from coordination failure during the response to an incident. A cyber incident's scale, speed and propagation call for a swift response from firms and financial authorities in order to preserve financial stability. Financial authorities in the EU need to coordinate among themselves, at global level and with parties that they do not usually interact with, such as cyber authorities. The risk of a coordination failure by authorities also exists. Uncoordinated action could contradict or even jeopardise the response of other authorities, lead to an erosion of confidence in the functioning of the financial system and thereby amplify the shock for the financial system. In the worst case, financial stability may be threatened.</subfield>
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