Banca d'Italia has published the analysis paper 'Digital resilience in the Italian financial sector: evidence from the supervisory incident reporting framework' based on the reports of significant operational or security incidents that banks, payment institutions and electronic money institutions transmitted to Banca d'Italia between 2020 and 2023 pursuant to the relevant supervisory provisions.
The analysis shows a general increase in reported incidents during the reference period, which are mainly operational and very often involve third-party service providers. It is also noteworthy that in 2023 there was significant growth in cyber incidents.
The document emphasizes how important it is for financial entities to use the incident reporting scheme correctly, in order to mitigate risks of underreporting, and highlights the key role of the new regulation on operational resilience in the financial sector.
