ECB prioritises IT outsourcing and cyber resilience supervision
Institutions lost $161 million due to poor-quality outsourced services in 2022
IT outsourcing and cyber resilience are key vulnerabilities in supervised entities, the European Central Bank reported on November 15.
The ECB published the results of its horizontal IT and cyber risk analysis for 2022. Concern around cyber security was “exacerbated by findings from several on-site inspections”, the ECB said.
On-site inspections revealed “weaknesses in IT asset management, deficiencies in asset protection, limited incident detection capabilities, and limited cyber incident
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