On 27 January 2022, the European Systemic Risk Board (ESRB) published a Recommendation for the establishment of a pan-European systemic cyber incident coordination framework (EU-SCICF). The EU-SCICF would aim to strengthen the coordination among financial authorities in the European Union, as well as with other authorities in the Union and key actors at the international level. It would complement the existing EU cyber incident response frameworks by addressing the risks to financial stability stemming from cyber incidents. The ESRB report ‘Mitigating systemic cyber risk’ explains in detail how the EU-SCICF would facilitate an effective response to a major cyber incident. The report proposes a macro-prudential strategy that should contribute to a better mitigation of the risks to financial stability stemming from cyber incidents. The ESRB and its dedicated European Systemic Cyber Group intend to explore a monitoring and analytical framework for systemic cyber risk and the required tools to address this risk in their future work.

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