After 900 IT Incidents, BaFin Expands Cybersecurity Oversight, Sets 2030 Encryption Target
By Tareq Sikder
AI summary of the source article
German regulator BaFin is expanding its cybersecurity supervision and audits after recording nearly 900 IT incidents across four quarters. President Mark Branson urged financial institutions to address AI risks and recommended migrating critical systems to quantum-resistant encryption algorithms by 2030.
Key facts
- BaFin received reports of nearly 900 IT incidents over the past four quarters, with 14% attributed to attacks.
- BaFin is expanding its cybersecurity department and will conduct shorter, targeted audits to reach more supervised firms.
- BaFin recommends that particularly critical systems migrate to quantum-resistant encryption algorithms by 2030.
Source excerpt · Finance Magnates
Germany's financial regulator BaFin will expand its cybersecurity supervision and expects financial institutions to prepare for threats from artificial intelligence and quantum computing. London's trading industry is coming home! Speaking at Bitkom's Digital Finance Conference in Berlin on Tuesday, BaFin President Mark Branson said the regulator was expanding its cybersecurity department and would…