EU Warns Banks With New Cybersecurity Guidelines

Law360, London (November 29, 2019, 3:58 PM GMT) -- Europe’s top banking watchdog published guidance on Friday setting out how financial service providers across the bloc should protect themselves against the growing threat of cybercrime and data breaches.

The European Banking Authority said that the “increasing digitalization in the financial sector” is making banks and lenders vulnerable to internal and external cybersecurity threats.

The EBA's new rules — which it calls the final guidelines on [information and communications technology] and security risk management — apply to lenders, credit institutions, investment companies and payment service providers. They have two months to notify the EBA whether they intend to comply with the guidelines,...

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