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As it focuses more on the security of IT, the European Central Bank will mandate all financial institutions to report all instances of major cyber attacks beginning this summer.
ECB official Sabine Lautenschlaeger said Monday that submitting such reports will help them evaluate more objectively how many online attacks there are and how such incidents evolve, as well as pinpoint common mishaps and vulnerabilities.
She added last year's pilot phase was a successful one, and they will undertake a long-term solution for all the banks under their umbrella.
The central bank will continue to conduct periodic thematic assessments on cyber security and outsourcing deals.
