ECB wins Central Banking Award for its cyber resilience oversight expectations

On 3 February, the ECB’s cyber resilience oversight expectations for financial market infrastructures received the Central Banking Award 2020 for Payments and Market Infrastructure Development.

The cyber resilience oversight expectations (CROE) are a core part the Eurosystem cyber resilience strategy. They aim to build stronger resilience across financial market infrastructures (FMIs) in Europe, and more broadly the financial system. The multi-tiered design of the CROE can help FMIs of all sizes to strengthen their cyber resilience in an increasingly sophisticated cyber threat landscape. The expectations also help overseers to assess FMIs’ cyber resilience capabilities and facilitate collaboration between overseers and FMIs.

The relevance of the CROE extends beyond Europe. At the beginning of the year, the World Bank adopted the CROE and partnered with the ECB to aid global harmonisation and strengthen the global financial system.

The award will be presented to the ECB’s market infrastructure and payments team, who produced the oversight expectations, at an event held on 19 March in Brussels.