EBA ICT and risk management
According to the draft ICT and Risk Management Guidelines, financial institutions should ensure the effectiveness of the risk mitigating measures as defined by their risk management framework, including the measures set out under the guidelines, when operational functions of payment services and/or ICT services and ICT systems, are outsourced, including to group entities, or when using third parties.
Financial institutions should ensure that contracts and service level agreements with the provider (outsourcing provider, group entity, or third party provider) include the following:
- appropriate and proportionate information security objectives and measures including requirements such as minimum cybersecurity requirements, specifications of financial institutions’ data life cycle, and any requirements regarding location of data centres and data encryption requirements network security and security monitoring processes;
- service level agreements, to ensure continuity of ICT services and ICT systems and performance targets under normal circumstances as well as those provided by contingency plans in the event of service interruption; and
- operational and security incident handling procedures including escalation and reporting. 9. Financial institutions should monitor and seek assurance on the level of compliance of these providers with their security objectives, measures and performance targets.
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EBA ICT and risk management
The European Banking Authority (‘EBA’) is an independent EU authority which works to ensure effective and consistent prudential regulation and supervision across the European banking sector. Its overall objectives are to maintain financial stability in the EU and to safeguard the integrity, efficiency and orderly functioning of the banking sector.
The EBA has issued draft Guidelines on ICT and security risk management (‘the draft ICT and Risk Management Guidelines’) establishing requirements for credit institutions, investment firms and payment service providers (‘PSPs’) on the mitigation and management of their information and communication technology risks, to ensure a consistent and robust approach across the Single market.
Last Updated: July 25, 2019
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