Bank of Italy and ABI Enter Agreement to Boost Cybersecurity

The Bank of Italy, the Italian Banking Association and ABI Lab Consortium have entered into a cooperation agreement to help the country’s institutions in the fight against cyberattacks. The deal is intended to assist all Italian banks, financial corporations, citizens, government institutions and businesses relying on digital services protect their assets and identities. Given the increased rate in cyberattacks on individuals and banking institutions in Europe and other continents, the move is intended to protect the already troubled banking sector. The agreement was signed by the the Senior Deputy Governor of the Bank of Italy, Salvatore Rossi, the Director General of ABI, Giovanni Sabatini, and the President of ABI Lab, Pierfrancesco Gaggi. The organisations combined launched the Computer Emergency Response Team (CERT) for the financial sector.

One of the agency’s prime objectives would be to protect the new technologies being developed. The organization to be known as CERTfin, will function under the scope of a Public-Private partnership, working in tandem with the central bank and all banking and financial institutions. It will collate information related to cybersecurity, facilitate the flow of information and relay news to all institutions involved, quicker than the current system. Membership is open to all financial operators in the state. CERTfin will be overseen by a Strategic Committee, chaired by the Bank of Italy and ABI. ABI Lab would be responsible for the operation of its services.