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Cybersecurity Risks Top Concern for Luxembourg Finance Sector, Survey Reveals

A recent survey by EY and the Institute of International Finance (IIF) has found that cybersecurity is the biggest risk facing the finance sector in Luxembourg. According to the survey, 82% of Chief Risk Officers (CROs) ranked it as the top threat to their business over the next 12 months.

Survey Highlights

• 71% of CROs believe cyber warfare between nation-states is becoming an increasingly real threat
• 82% of respondents globally ranking cybersecurity risk as the biggest threat
• Geopolitical tensions are also a major concern for banking CROs in Luxembourg, with 82% believing that geopolitical risks will increase this year

Growing Concerns

• Climate change is a major concern for Luxembourg’s finance sector, with 76% of CROs ranking it as the biggest emerging risk to operations over a five-year period (higher than the global average of 56%)
• Machine learning (53%) and IT legacy system risks (47%) are also major concerns for banking CROs in Luxembourg

Quotes from Experts

“Europe’s banks continue to operate in an environment in flux. The best defense against cyber risk is increasing operational resilience on an ongoing basis.” - Omar Ali, EY EMEIA Financial Services Managing Partner

“This level of risk requires direct attention from the board. European banks are committed to net zero transition journeys, leading to more innovative ESG-linked products like carbon trading platforms.” - Nigel Moden, EY EMEIA Banking and Capital Markets Leader

“Interconnected risks have become endemic to the banking sector. This calls for a holistic, proactive and resilient approach in risk management.” - Martin Boer, Senior Director, Regulatory Affairs at the IIF

Survey Details

• The survey was conducted from June 2023 to October 2023 and polled 85 financial institutions across 30 countries, including Luxembourg’s leading banks.