CONTENTS

Glossary 3

EXECUTIVE SUMMARY 5

INTRODUCTION _ 9

CYBER RISK SUPERVISION AND OVERSIGHT 11

A. Governance and Strategy 11

B. Identification of Cyber Threat and Fraud Landscape 16

C. Cyber Mapping and Financial Stability Analysis 18

D. Cyber Regulatory Framework and Supervisory Practices 20

E. Response and Recovery 30

F. Information Sharing and Incident Reporting 34

G. Cyber Deterrence 37

H. Capacity Development 37

FIGURE

1. Key Stakeholders for Cybersecurity Coordination in the Financial Sector 12

TABLES

1. Recommendations on Cybersecurity Risk Supervision and Oversight 8

2. Main Financial Authorities Responsible for Cybersecurity 11

3. Organization of Cybersecurity Functions at the BdI 22

4. Organization of Cybersecurity Functions at CONSOB 23