Security News > 2022 > January > EU to create pan-European cyber incident coordination framework
The European Systemic Risk Board proposed a new systemic cyber incident coordination framework that would allow EU relevant authorities to coordinate better when responding to major cross-border cyber incidents impacting the Union's financial sector.
ESRB is an independent EU body established in 2010 that oversees the European Union's financial system to prevent and mitigate systemic risk.
"The three European Supervisory Authorities published today a statement welcoming the European Systemic Risk Board's Recommendation on systemic cyber risk, which calls on the ESAs to prepare for the gradual development of a Pan-European systemic cyber incident coordination framework," a press release published Thursday reads.
The ESRB also recommends the European Supervisory Authorities look into any possible operational and legal obstacles that could impede the development of the pan-European coordination framework.
The European Banking Authority, which oversees the integrity and proper functioning of the EU banking sector, was forced to take down all email systems in March 2021 after its Microsoft Exchange servers during a hacking campaign targeting organizations worldwide.
The same month, the European Commission and several other EU organizations were also hit by a cyberattack that impacted multiple EU institutions, bodies, and agencies' IT infrastructure.