{"id":26314,"date":"2026-06-25T09:00:00","date_gmt":"2026-06-25T13:00:00","guid":{"rendered":"https:\/\/gestionderiesgo.org\/?p=26314"},"modified":"2026-10-12T20:52:54","modified_gmt":"2026-10-13T00:52:54","slug":"suerf-policy-brief-1492-cyber-risk-and-bank-supervision","status":"publish","type":"post","link":"https:\/\/gestionderiesgo.org\/en\/suerf-policy-brief-1492-cyber-risk-and-bank-supervision\/","title":{"rendered":"Cyber risk and bank supervision: lessons from the ECB cyber stress test"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" 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.cgp-cover.cgp-doc{aspect-ratio:4\/3}#cgr-pub .cgp-head{grid-template-columns:minmax(0,1fr);gap:26px}#cgr-pub .cgp-body{grid-template-columns:minmax(0,1fr);gap:30px}#cgr-pub .cgp-side{position:static}}\n@media(max-width:520px){#cgr-pub{font-size:16px}#cgr-pub .cgp-facts{grid-template-columns:minmax(0,1fr)}#cgr-pub .cgp-btn{width:100%;justify-content:center}}\n<\/style>\n<div id=\"cgr-pub\">\n<header class=\"cgp-head\">\n<figure class=\"cgp-cover cgp-doc\"><i style=\"background-image:url(https:\/\/gestionderiesgo.org\/wp-content\/uploads\/2026\/10\/pub-suerf-policy-brief-1492-cyber-risk-and-bank-supervision.jpg?v=1791852743)\"><\/i><img fetchpriority=\"high\" src=\"https:\/\/gestionderiesgo.org\/wp-content\/uploads\/2026\/10\/pub-suerf-policy-brief-1492-cyber-risk-and-bank-supervision.jpg?v=1791852743\" width=\"720\" height=\"1018\" alt=\"Primera p\u00e1gina del documento: Cyber risk and bank supervision: lessons from the ECB cyber stress test\" loading=\"eager\" decoding=\"async\"><\/figure>\n<div class=\"cgp-intro\">\n<p class=\"cgp-kind\">Technical note \u00b7 Academia and think tanks<\/p>\n<h2 class=\"cgp-title\">Cyber risk and bank supervision: lessons from the ECB cyber stress test<\/h2>\n<p class=\"cgp-lead\">Targeted supervisory attention, without capital requirements, can correct banks\u2019 underinvestment in cybersecurity.<\/p>\n<dl class=\"cgp-facts\"><div><dt>Organization<\/dt><dd>SUERF (The European Money and Finance Forum)<\/dd><\/div><div><dt>Document date<\/dt><dd>25 June 2026<\/dd><\/div><div><dt>Type<\/dt><dd>Technical note<\/dd><\/div><div><dt>Language<\/dt><dd>English<\/dd><\/div><div><dt>Scope<\/dt><dd>Euro area<\/dd><\/div><div><dt>Length<\/dt><dd>8 pages<\/dd><\/div><div><dt>Authorship<\/dt><dd>Nordine Abidi (IMF); Leonardo Gambacorta (BIS and CEPR); Christoffer Kok, Ixart Miquel-Flores and Alberto Partida (ECB); Leonardo Madio (University of Padua)<\/dd><\/div><\/dl>\n<div class=\"cgp-actions\"><a class=\"cgp-btn\" href=\"https:\/\/www.suerf.org\/publications\/suerf-policy-notes-and-briefs\/cyber-risk-and-bank-supervision-lessons-from-the-ecb-cyber-stress-test\/\" target=\"_blank\" rel=\"noopener noreferrer\"><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><path d=\"M14 4h6v6\"\/><path d=\"M20 4l-9 9\"\/><path d=\"M18 14v5a1 1 0 0 1-1 1H5a1 1 0 0 1-1-1V7a1 1 0 0 1 1-1h5\"\/><\/svg>See the official source<\/a><a class=\"cgp-btn alt\" href=\"https:\/\/www.suerf.org\/wp-content\/uploads\/2026\/06\/SUERF-Policy-Brief-1492_Abidi-Gambacorta-Kok-Madio-Miquel-Flores-Partida.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><path d=\"M7 3h7l5 5v12a1 1 0 0 1-1 1H7a1 1 0 0 1-1-1V4a1 1 0 0 1 1-1z\"\/><path d=\"M14 3v5h5\"\/><path d=\"M9 14h6\"\/><path d=\"M9 17h4\"\/><\/svg>PDF document<\/a><\/div>\n<\/div>\n<\/header>\n<div class=\"cgp-body\">\n<div class=\"cgp-main\">\n<h3>What it contains<\/h3>\n<p>This SUERF Policy Brief, published on 25 June 2026, summarizes ECB Working Paper No 3222, \u201cDisciplining Digital Risk: Evidence from Cyber Stress Tests\u201d. It starts from the fact that cyber resilience produces positive externalities across interconnected institutions, so each bank may invest less than is socially optimal, and that cyber risk no longer sits in the tail of the distribution of the operational risks banks face: the number of cyber incidents banks reported to the ECB rose sharply through 2024.<\/p><p>The authors use confidential supervisory data on 109 euro area significant institutions between 2019 and 2024, identify \u201claggard\u201d banks, which invested in cybersecurity less than their risk profile suggested, and exploit the announcement, in March 2023, of the ECB\u2019s 2024 cyber resilience stress test as a quasi-natural experiment. In a difference-in-differences design, laggards raised their cybersecurity investment by about 81% more than their peers, with no detectable pre-trends; the effect is concentrated among the most severe laggards and among those facing more intensive supervisory scrutiny. They also reduced external ICT dependencies, retained specialist staff and reconfigured their cyber insurance coverage.<\/p><p>The conclusion is that targeted supervisory scrutiny, without capital charges or public disclosure of institution-level results, can discipline operational risk-taking in domains with large externalities and relatively blunt regulatory tools. The authors clarify that this does not make capital or disclosure obsolete, but shows that the supervisory toolkit is richer, and that the practical question is no longer whether to extend stress testing to operational resilience, but how to design it. The views are those of the authors and do not necessarily reflect those of the ECB, the IMF or the BIS.<\/p>\n<section class=\"cgp-importa\"><h3>Why it matters for risk management<\/h3><p>It provides evidence that a supervisory cyber resilience exercise changes banks\u2019 behaviour, useful for justifying internal investment and anticipating supervisors\u2019 approach. It is the analysis of one case, the ECB\u2019s, and its results are not automatically extrapolated to other countries or to banks of different sizes.<\/p><\/section>\n<p class=\"cgp-note\">Summary prepared by the Dominican Republic Risk Management Club from a reading of the original document, with the source verified on 12 October 2026. It does not replace reading the official text and is not advice.<\/p>\n<p class=\"cgp-back\"><a href=\"\/en\/publicaciones\/\">See all publications<\/a><\/p>\n<\/div>\n<aside class=\"cgp-side\">\n<section class=\"cgp-card\"><h3>Key points<\/h3><ul class=\"cgp-points\"><li>Sample: 109 euro area significant institutions, 2019 to 2024.<\/li><li>Laggard banks raised their cybersecurity investment by about 81% relative to peers after the ECB test was announced.<\/li><li>The effect is larger among the most severe laggards and those under more intensive scrutiny, independently of capital or market discipline.<\/li><li>They also reduced external ICT dependencies, retained specialist staff and adjusted cyber insurance.<\/li><li>Conclusion: targeted supervisory scrutiny, without capital charges or disclosure, complements existing tools.<\/li><\/ul><\/section>\n<section class=\"cgp-card\"><h3>How to cite it<\/h3><p class=\"cgp-cite\">Abidi, N., Gambacorta, L., Kok, C., Madio, L., Miquel-Flores, I. and Partida, A. (2026). Cyber risk and bank supervision: lessons from the ECB cyber stress test. SUERF Policy Brief, No 1492. Vienna: SUERF, 25 June 2026.<\/p><\/section>\n<section class=\"cgp-card\"><h3>Topics<\/h3><ul class=\"cgp-chips\"><li><a href=\"\/en\/publicaciones\/?tema=ciberseguridad-y-tecnologia\">Cybersecurity and technology<\/a><\/li><li><a href=\"\/en\/publicaciones\/?tema=pruebas-de-estres\">Stress tests<\/a><\/li><li><a href=\"\/en\/publicaciones\/?tema=normativa-y-gobierno-corporativo\">Regulation and corporate governance<\/a><\/li><\/ul><\/section>\n<\/aside>\n<\/div>\n<\/div><link rel=\"stylesheet\" href=\"https:\/\/fonts.googleapis.com\/css2?family=Zilla+Slab:wght@500;600&display=swap\">\n<footer id=\"cgr-foot\" aria-label=\"Footer of the Risk Management Club\">\n<style>\n#main{padding-bottom:0!important}\n.fusion-fullwidth:has(#cgr-foot),.fusion-layout-column:has(#cgr-foot){padding-bottom:0!important;margin-bottom:0!important}\n#cgr-foot{--navy:#0E3351;--blue:#186392;--web:#1A80B6;--red:#E22A3A;--ink:#1C2632;--slate:#5B6775;--line:#D9E1EA;--mist:#F2F5F8;\n  position:relative;margin:96px 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All rights reserved.<\/p><\/div>\n  <nav class=\"cgf-pol\" aria-label=\"Policies\">\n    <a href=\"\/en\/politicasdeprivacidad\/\">Privacy<\/a><a href=\"\/en\/terminos-y-condiciones-2\/\">Terms and Conditions<\/a><a href=\"\/en\/politicas-de-entrega\/\">Delivery<\/a><a href=\"\/en\/politicas-de-cancelacion\/\">Cancellation<\/a><a href=\"\/en\/politicas-de-devolucion\/\">Returns<\/a><a href=\"\/en\/politicas-de-reembolso\/\">Refunds<\/a><a href=\"\/en\/politicas-de-seguridad\/\">Security<\/a><a href=\"\/en\/preguntas-frecuentes\/\">Frequently asked questions<\/a>\n  <\/nav>\n<\/div>\n<\/footer>\n\n<style>#cgr-foot .cgf-ct li a.cgf-wa{display:inline-flex;vertical-align:middle;margin-left:8px}#cgr-foot .cgf-ct li a.cgf-wa svg{width:18px;height:18px;margin:0;fill:#25D366;stroke:none}<\/style><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Using confidential supervisory data on 109 euro area banks, the authors find that cybersecurity laggards raised their investment by about 81% after the ECB cyber stress test was announced, without capital charges or public disclosure.<\/p>","protected":false},"author":1,"featured_media":26313,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":true,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"cgp_org":"SUERF (Foro Europeo de Dinero y Finanzas)","cgp_siglas":"SUERF","cgp_tipo":"Nota t\u00e9cnica","cgp_fecha":"2026-06-25","cgp_url":"https:\/\/www.suerf.org\/publications\/suerf-policy-notes-and-briefs\/cyber-risk-and-bank-supervision-lessons-from-the-ecb-cyber-stress-test\/","cgp_pdf":"https:\/\/www.suerf.org\/wp-content\/uploads\/2026\/06\/SUERF-Policy-Brief-1492_Abidi-Gambacorta-Kok-Madio-Miquel-Flores-Partida.pdf","cgp_idioma":"Ingl\u00e9s","cgp_pais":"Zona euro","cgp_temas":"Ciberseguridad y tecnolog\u00eda,Pruebas de estr\u00e9s,Normativa y gobierno corporativo","cgp_portada":"https:\/\/gestionderiesgo.org\/wp-content\/uploads\/2026\/10\/pub-suerf-policy-brief-1492-cyber-risk-and-bank-supervision.jpg","cgp_verificado":"2026-10-12","cgp_origen":"nueva","cgp_fuente":"Academia y centros de estudios","cgp_paginas":"8","cgp_autores":"Nordine Abidi (FMI); Leonardo Gambacorta (BIS y CEPR); Christoffer Kok, Ixart Miquel-Flores y Alberto Partida (BCE); Leonardo Madio (Universidad de Padua)","cgp_fecha_texto":"","cgp_portada_tipo":"doc","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[74],"tags":[],"class_list":["post-26314","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-publicaciones-del-sector"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/gestionderiesgo.org\/wp-content\/uploads\/2026\/10\/pub-suerf-policy-brief-1492-cyber-risk-and-bank-supervision.jpg","_links":{"self":[{"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/posts\/26314","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/comments?post=26314"}],"version-history":[{"count":1,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/posts\/26314\/revisions"}],"predecessor-version":[{"id":26315,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/posts\/26314\/revisions\/26315"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/media\/26313"}],"wp:attachment":[{"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/media?parent=26314"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/categories?post=26314"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/tags?post=26314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}