- Funding Programme
- Year
- 2021
Assessing the Cyber Threat Landscape in the financial sector
The Commission helped to strengthen the Hungarian Central Bank’s capacity to assess the threat landscape of the financial sector, there is a need to develop methodologies that will enhance the reporting of cyber incidents, augment the treatment of cyber incident related data, as well as aggregate the relevant data on threats, not only amongst large institutions, but within the general population of the supervised entities.
The European Commission supported the Hungarian Central Bank in developing new reporting methodologies and in implementing them through a six-month long Pilot project, which resulted in the publication of the first sectoral Cyber Threat Landscape report.
Context
The fast-growing digitalization, along with many advantages, has created several new vulnerabilities and risks. Cyber related incidents are relevant particularly within the financial sector, where services and instruments are interconnected and technically dependent on each other.
In this interconnected system, a cyber threat or incident could easily cause huge problems, damage and loss for several undertakings at the same time. European policy makers have identified the need to adopt new legislation aimed at enhancing cyber resilience across the financial sector.
In line with this strategic objective, and in preparation for the upcoming DORA Regulation, the Central Bank of Hungary wishes to gain a deeper picture of the main incident trends of the financial sector, thus complementing their range of supervisory tools.
Support delivered
A new incident reporting methodology has been developed, along with a new threat landscape methodology tailored to the needs of the Central Bank of Hungary by analyzing relevant national and European legislation and best practices.
Testing the methodologies through a six-month Pilot project allowed for the creation and publication of the first Cyber Threat Landscape for the financial sector.
Results achieved
The Central Bank of Hungary (CBH) has completed the development of a new incident reporting framework. Using the available data, the CBH has created Hungary’s first sector-specific Cyber Threat Landscape publication.
With the publication of this threat landscape, the CBH can support the Hungarian financial sector with comprehensive, realistic, and sector-specific threat analysis for a specific period. This will help institutions to plan, operate and fine-tune their protection and risk management tasks more effectively and to set cybersecurity priorities appropriately.
Preventing and preparing for current threats supports cyber resilience of financial services and helps institutions to prevent loss, damage, and disruption of services due to incidents.
More about the project
You can read the final report here: