BaFin increases focus on IT risks
www.bafin.de
The Federal Financial Supervisory Authority (BaFin) considers cyberattacks and the breakdown of IT systems among the greatest risks for the financial sector. Such technical disruptions pose risks not only when they occur at banks or insurers themselves: major problems at third-party service providers can also compromise the entire system. These risks are detailed in the report “Risks in BaFin’s Focus 2024” published by BaFin on 23 January 2024.

Cross-posted from: https://feddit.de/post/8237015

In some sectors in Germany, a small number of specialised IT service providers serve a large proportion of banks and insurers. That is why this year BaFin is paying particular attention to the risks that emerge from this kind of market concentration, the German Federal Financial Supervisory Authority (BaFin) says in a report.

BaFin has identified a total of seven risks that it considers most capable of jeopardising the financial stability or the integrity of the German financial system. It will pay particularly close attention to these risks in 2024. The report “Risks in BaFin’s Focus” also details the action BaFin is taking to mitigate these risks.

  • Yrt@feddit.de
    1·
    5 months ago

    As someone working in the German insurance sector I can tell you it’s not that bad. Some parts are still paper only and others are max. an excel sheet (mostly printed and pinned on a wall). Nothing to worry about.