EBF KEY CONSIDERATIONS
EBF key considerations following the publication of the Cyber Resilience Act (CRA) proposal
BRUSSELS, 6th March 2023 – Following the publication by the European Commission of the proposal for a Regulation on horizontal cybersecurity requirements for products with digital elements, i.e. the Cyber Resilience Act (CRA), the European Banking Federation (EBF) presents some key considerations of the European banking sector on the published text.
The EBF acknowledges that rules on digital products would contribute to achieving higher cybersecurity levels throughout the entire supply chain. Users of such products, both consumers and business -including banks- would benefit from minimum requirements that would apply to vendors of those products.
However, the EBF is of the view that the financial sector should be excluded from the scope of the CRA proposal, as the recently adopted DORA Regulation provides an extensive cybersecurity and digital operational resilience framework for banks which is equivalent -if not more detailed and comprehensive- to the one introduced by the CRA. It is therefore crucial that DORA should function as lex specialis to the CRA and this should be explicitly mentioned in the proposal’s text, in order to avoid confusion, duplications and overlaps in the rules and requirements on the EU level.
For more information please contact:
Senior Director, Innovation & Cybersecurity, email@example.com
Policy Adviser – Cybersecurity & Innovation, firstname.lastname@example.org
About the EBF:
The European Banking Federation is the voice of the European banking sector, bringing together 32 national banking associations in Europe that together represent a significant majority of all banking assets in Europe, with 3,500 banks – large and small, wholesale and retail, local and international – while employing approximately two million people. EBF members represent banks that make available loans to the European economy in excess of €20 trillion and that reliably handle more than 400 million payment transactions per day. Launched in 1960, the EBF is committed to a single market for financial services in the European Union and to supporting policies that foster economic growth.
READ THE EBF CONSIDERATIONS
European Banking Federation
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from across Europe. The federation is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere.
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