On 17 July 2024, the three European Supervisory Authorities (ESAs) (the European Banking Authority – EBA, European Insurance and Occupational Pensions Authority – EIOPA and European Securities and Markets Authority – ESMA) announced that they will establish the EU-SCICF in the context of DORA. The related factsheet indicates that the EU-SCICF will aim at facilitating an effective financial sector response to a cyber incident posing a risk to financial stability by strengthening the coordination among financial authorities and other relevant bodies in the EU and with key international actors. Over the coming months, the ESAs will kickstart the framework’s implementation by setting up the EU-SCICF Secretariat, the EU-SCICF Forum, and the EU-SCICF Crisis Coordination. The ESAs will identify legal and other operational obstacles encountered during the initial set-up and report them to the European Commission. The press release explains that the further development of the framework will be subject to the availability of resources and other measures taken by the Commission.
