Belgian Financial Institutions Face Growing Cybersecurity Threats: NBB Takes Action

The National Bank of Belgium (NBB) has recently made a significant move to adopt the TIBER-EU framework, a European-wide framework for controlled and tailor-made cyber-attack testing in the financial market. This decision is a major step towards ensuring the stability of the financial system in Belgium.

Main Objectives of the TIBER-EU Framework

According to the NBB, the main objectives of the TIBER-EU framework are:

• To create a standardized approach for controlled hacking tests
• To facilitate cross-border testing for entities subject to oversight or supervision by multiple authorities
• To help financial institutions better understand their capabilities to detect and respond to cyber attacks

National Level Adaptation

The decision is part of the NBB’s broader mission to promote stability in the financial system. Under the TIBER-EU framework, each jurisdiction adopts the European framework at a national level, adapting it to its specific needs and circumstances.

Growing Cybersecurity Threats in Belgium

Financial institutions in Belgium are facing growing cybersecurity threats, with hackers increasingly targeting vulnerable systems. The adoption of the TIBER-EU framework is seen as a crucial step towards bolstering defenses against these threats and protecting the financial system from cyber attacks.

NBB’s Aim: Safeguarding Financial System Stability

By adopting this framework, the NBB aims to ensure that Belgian financial institutions can better detect and respond to cyber threats, ultimately safeguarding the stability of the financial system.