World Security Report2020-02-27 14:06:00
New initiative brings together law enforcement and Europe’s largest financial infrastructures
Europol has joined forces with the European Central Bank and a group of Europe’s largest and most important financial infrastructures to share vital cybersecurity threat information to help protect European citizens’ savings against cybercriminals.
Launched today, this new initiative known as the Cyber Information and Intelligence Sharing Initiative (CIISI-EU) will bring central banks, clearing houses, stock exchanges and payment system providers together with Europol and the European Union Agency for Cybersecurity (ENISA) to share expertise with the aim to protect the European financial system from cyberattacks.
“This is the first time that major financial infrastructures, Europol and the European Union Agency for Cybersecurity (ENISA) have jointly taken steps against cyber risk,” said ECB Executive Board member and ECRB Chair, Fabio Panetta. “We hope this will be an inspiring model for other jurisdictions to tackle one of the biggest threats of our time. Cybercriminals are increasingly stealing money, and therefore sharing information will help us to prevent attacks and ultimately protect people’s money.”
“Our economy relies on the financial system and everyone in Europe benefits from its global success. But the scale and volume of financial activity also brings serious risks of economic crime, and real opportunities for cybercriminals to defraud citizens of their savings and earnings,” said Europol’s Deputy Executive Director of Operations, Wil van Gemert. “Europol is delighted to work together with the European Central Bank, ENISA and major financial infrastructures in Europe to bear on this threat”.
The work of this initiative will include:
• Understanding the threat – working to identify intelligence gaps and vulnerabilities.
• Collective response - fast-tracking intelligence sharing between banks and law enforcement for a more coordinated approach to serious and organised crime affecting the financial sector.
• Behavioural change - helping to raise awareness of the steps that financial institutions can take to protect themselves.
This initiative brings together central banks, clearing houses, stock exchanges, payment system providers and law enforcement agencies, among others, as follows: the Banca d’Italia; the Banque Centrale du Luxembourg; Banque de France; BME; CLS Bank International; De Nederlandsche Bank; the Deutsche Börse AG (on behalf of Clearstream and Eurex Clearing); the Deutsche Bundesbank; EBA Clearing; the European Central Bank; ENISA; EquensWorldline; European Central Counterparty N.V.; Euroclear; Europol; Iberpay; Krajowy Depozyt Papierów Wartościowych/The Central Securities Depository of Poland; the London Stock Exchange Group (on behalf of LCH Clearnet and Monte Titoli); Mastercard Europe SA; Nasdaq Clearing AB; the Nationale Bank van België/Banque nationale de Belgique; SIA, STET; SWIFT; TARGET Services and Visa Europe.
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