Examining the ECB’s expectations around data, technology, and cyber security.
ECB expectations around data, technology, and cyber security
Increased regulatory requirements and more intensive supervision have driven an almost insatiable appetite for data among regulators – to monitor adherence to regulatory requirements; to support stress testing; to answer one-off information requests; to provide the raw materials for recovery and resolution planning; to open a lens on non-bank financial channels; and to access system-wide data for macro-prudential policy purposes. Indeed, banks have been challenged by issues related to data, technology, and cyber security even before the ECB announced that this would be a priority area for 2016.
High quality data and effective technology should be at the heart of a profitable and sustainable bank strategy. The articles in this section look to what banks should do to meet the reporting requirements and expectations of clients, customers and investors along with the ECB’s expectations.