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Watchdog Warns Of Growing Cyberthreat For EU Banks

Law360, London (December 14, 2018, 5:16 PM GMT) -- Cyber and data security breaches are one of the main challenges faced by Europe’s banks, the European Banking Authority said on Friday, amid recent concern among regulators that businesses are failing to manage IT risks.

Almost 90 percent of banks reported cyber and data security concerns as key risks to their business, the authority said in 2018 report on vulnerability in the EU’s banking sector. This represents a leap since 2017, when 55 percent of banks pointed to the same challenge in that year’s annual report.

The authority said that banks must update and improve their information and communications technology safeguards,...

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