ABSTRACT

Increasing cyber and hybrid risks will test the European Union’s system of fragmentation on issues of security, but centralization on financial and other economic issues. This asymmetry was not an obstacle in a world in which security threats were more contained or of a different nature. But the world is changing. In this article, we document the rise in cyber attacks in the EU. Meanwhile, hybrid threats are real, though difficult to quantify. We then explore preparations to increase the resilience of the financial system in terms of regulation, testing, and governance. We find that at the individual institutional level, significant measures have been taken, even though there are diverging views on whether individual companies are sufficiently prepared. More worryingly, preparations appear less advanced at the system-wide level. We recommend that EU finance ministers increase resilience through regular preparedness exercises and greater consideration of system-wide regulatory issues. A broader political discussion on the integration of the EU security architecture applicable to the financial system should also be advanced. This includes reopening the framework on foreign-investment screening in order to have screening of foreign investment in critical financial infrastructure at the EU level.

中文翻译：

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混合和网络安全威胁与欧盟金融体系

摘要

不断增加的网络风险和混合风险将测试欧盟在安全问题上的分散体系，但将集中在金融和其他经济问题上。在安全威胁受到更多控制或性质不同的世界中，这种不对称性并不是障碍。但是世界正在改变。在本文中，我们记录了欧盟网络攻击的增加。同时，混合威胁是真实的，尽管很难量化。然后，我们探索准备以提高金融体系在监管，测试和治理方面的弹性。我们发现，即使在关于单个公司是否准备充分的观点上存在分歧，在单个机构级别也已采取了重大措施。更令人担忧的是，准备工作在系统范围内显得不太先进。我们建议欧盟财长通过定期的准备工作和更多地考虑全系统的监管问题来增强抵御能力。还应该就适用于金融系统的欧盟安全架构的整合进行更广泛的政治讨论。这包括重新开放外国投资筛选框架，以便对欧盟一级关键金融基础设施中的外国投资进行筛选。