ECB to ask banks to report all major cyber incidents

FILE PHOTO: The headquarters of the European Central Bank (ECB) are pictured in Frankfurt, Germany, September 8, 2016. REUTERS/Ralph Orlowski/File Photo

FRANKFURT (Reuters) - The European Central Bank will require banks it supervises to report all major cyber incidents starting this summer as it increases its focus on IT security, ECB board member Sabine Lautenschlaeger said on Monday.

“We conducted a successful pilot phase in 2016. And now we will implement a long-term solution for all those banks that we directly supervise,” Lautenschlaeger said.

“As from this summer, they will be required to report all significant cyber incidents,” she said. “This will help us to assess more objectively how many incidents there are and how cyber threats evolve.”

Reporting by Balazs Koranyi; Editing by Gareth Jones