Bankitalia e Consob team up to improve the cybersecurity in the Italian financial system. The two institutions communicate that they have agreed a common strategy to strengthen various infrastructures: payment systems, central counterparties, central depositories and securities trading venues.
The goal is "to counter the IT threats linked to the development of new technologies and the digital economy", by increasing "the security of financial operators and of the digital services offered to citizens, businesses and the public administration, as well as to ensure the reliability of the system financial as a whole,” reads the joint note.
The action plan is about different areas of intervention: regulation and supervision, public-private cooperation, training and development of awareness of cyber risks.
In particular, the Bank of Italy and Consob will use cyber risk assessment tools, already adopted within the Eurosystem, such as the "Cyber Resilience Oversight Expectations for Financial Market Infrastructures", a methodology for supervising cyber risk.
In addition, the two institutions will develop the TIBER-IT, model for carrying out tests derived from the European framework of "Threat Intelligence-Based Ethical Red Teaming" (TIBER-EU), "evaluating the scope, methods and timing of application to the various financial entities, according to a principle of gradualness that takes into account the level of preparation of the operators".
