ESAs: cyber risks and risks in phasing out crisis measures
European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs)’s second joint risk assessment report for 2021 points out increasing risks in the financial sector relating to the phasing out of exceptional crisis measures and cyber risks.
It notes that expectations for economic recovery are uncertain and even across Member States, and due to side effects such as increased debt and upward pressure on asset prices. The report considers that inflation and yield growth, increased investor risk-taking and issues of financial interconnectedness may exacerbate the pressure on the financial system.
With respect to cyber risks, it notes increased exposure, being hit more often than other sectors and with new techniques emerging that r