image credit: Mikka Luster / Flickr

ECB to focus attention on bank outsourcing, legacy tech and IT board representation

July 24, 2020

Via: Finextra

An analysis of self-assessment reports provided by banks to supervisory authorites found that for some IT risk areas banks remain “too optimistic”, particularly in the filed of data quality management and IT risk management.

The probe found that data integrity risk continues to be of concern, with deficiencies identified in IT data quality management and data architecture models.

IT security is also considered a significant challenge for institutions, says the ECB, noting that the number of reported cyber incidents through its cyber incident reporting framework has increased from year to year.

Read More on Finextra