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The Banco de Portugal enhances cooperation for the financial system’s operational resilience

The Banco de Portugal created an advisory structure to coordinate the efforts of the supervisor, supervised institutions and other relevant entities to achieve their common goal of strengthening the operational resilience and cybersecurity of the financial system – the Banking Industry Forum on Cybersecurity and Operational Resilience.

In a particularly challenging business environment characterised by strong technology-based innovation and increased weight of the risks associated with information and communication technologies, especially cybersecurity, this Forum will be a space for sharing information and coordinating initiatives.

Yesterday, the Banking Industry Forum on Cybersecurity and Operational Resilience held its first plenary meeting, attended by the participants from the banking industry and the Banco de Portugal.

In her welcome and opening remarks, Ana Paula Serra, member of the Board of Directors of the Banco de Portugal, emphasised that technological risk is a concern for supervisors around the world, due to the increasing likelihood of operational events with potential impact on financial institutions and the stability of the system. “The Banco de Portugal considers this issue to be of the utmost importance for the resilience of the Portuguese banking system,” she said.

In turn, Hélder Rosalino, member of the Board of Directors of the Banco de Portugal, pointed out that it is the responsibility of the institutions to properly manage cybersecurity risk. “Financial institutions must adequately manage cybersecurity risk, including: ensuring the necessary resources, implementing a clear IT strategy, monitoring the emergence of new risks and cooperating with any supervisor’s measures,” he concluded.

As of today, all information on the Forum is available for consultation under the new tab on the Banco de Portugal’s website.