Introductory remarks by Piero Cipollone, Member of the Executive Board of the ECB, at the ninth meeting of the Euro Cyber Resilience Board for pan-European Financial Infrastructures

Frankfurt am Main, 17 January 2024

Cyber risks have become one of the main issues for global security. The associated annual cost is estimated to exceed $200 billion globally.^[1] And cyber threats have been identified as a systemic risk to the stability of the European financial system.^[2] But cyberattacks tend to be underreported.^[3]

Against the backdrop of an evolving cyber threat landscape where the risks continue to grow, the Euro Cyber Resilience Board (ECRB) offers a unique forum that brings together pan-European financial infrastructures, their critical service providers, central bank overseers and other key European authorities for strategic discussions on cyber risks. It enables the sharing of sensitive information in a trusted environment, contributing to the resilience of the European financial…