World Bank adopts ECB’s cyber resilience oversight expectations

The World Bank has adopted the ECB’s cyber resilience oversight expectations (CROE) under the Financial Inclusion Global Initiative (FIGI). This initiative aims to strengthen the cyber resilience of payment systems in developing and emerging countries. The CROE sets expectations across eight categories to ensure that payment systems are able to prevent, detect, respond to and recover from cyberattacks. It also helps overseers assess payment systems’ cyber resilience capabilities and facilitates collaboration between overseers and operators of payment systems.

The ECB will support the World Bank FIGI programme by holding regional workshops that help regional authorities understand the CROE and other cyber tools developed by the ECB, such as TIBER-EU. These workshops will also provide technical training on cyber resilience. This partnership will allow the World Bank and the ECB to work together to improve the cyber resilience of the global financial system.