The European Supervisory Authorities (EBA, EIOPA, and ESMA) have issued a statement advocating for a coordinated, risk-based supervisory approach to address ICT risks posed by frontier AI models in the EU financial sector. The guidance incorporates existing regulations, the European Commission’s Cybersecurity and AI Action Plan, and insights from ENISA, the ESRB, and the Single Supervisory Mechanism. It emphasizes strengthening operational resilience through robust governance frameworks, risk management practices, and oversight of critical ICT third-party providers under DORA. The ESAs urge financial institutions and regulators to adopt the statement as a foundation for supervisory dialogue, ensuring alignment with current expectations. This initiative aims to bolster the EU’s financial system against cyber risks linked to advanced AI technologies.
© European Banking Authority.
Summary adapted from material on the EBA website (https://www.eba.europa.eu ).
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