EU Watchdogs Urge Financial Firms To Boost Cyber Defenses

By Irene Madongo (September 9, 2021, 3:09 PM BST) -- Financial companies must swiftly bolster their technology security systems to prevent hits from sophisticated criminals following a spike in digital activity amid the COVID-19 pandemic, the European Union's top financial regulators have warned.

The financial industry is increasingly exposed to digital risks, and it has also come under online attacks more often than other sectors, the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority said on Wednesday in their joint risk assessment report for 2021.

"Financial institutions will have to rapidly adapt their technical infrastructure in response to the pandemic, and the...

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