Joint Committee Report on Risks and Vulnerabilities in the EU Financial System

Summary

Publication Date:  November 2016

Technological risks are increasingly affecting the financial sector. Fast technological change will, over time, significantly impact existing business models of financial institutions. It leaves many financial intermediaries with ageing core IT systems and with the need to engage in IT investments, further aggravating profitability issues. Cyber risk threatens data integrity and business continuity in an interconnected financial system.