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ESAs publish report on centralising ICT incident reporting in the financial sector

Published on: 17 January 2025
Published by LNB News

LNB News 17/01/2025

Document Information

Issue Date: 17 January 2025

Published Date: 17 January 2025

Jurisdiction(s): Eire and European Union

Article summary

The three European Supervisory Authorities (the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority—ESAs) have published a report on the feasibility of further centralisation in the reporting of major information and communication technology (ICT)-related incidents by financial entities (a single EU Hub), as mandated by Article 21 of the Digital Operational Resilience Act (DORA). The report explores the potential for centralisation in the reporting process and assesses three models: the baseline model, a model with enhanced data sharing arrangements, and a fully centralised model. It evaluates the potential burden, cost reductions, and the efficiency and effectiveness gains each model could bring to cross-sector supervisory practices.

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