With the sharp increase in the use of digital technologies in the private and professional life, the risks associated with this trend have also risen significantly over the last few years. In the Luxembourgish financial sector, where risk minimisation has already been practiced actively for some time, the new emerging cyber threats as well as the many regulatory requirements have called for some action in order to promote sector-wide collaboration.
In this light, the ABBL has launched an initiative in the form of a “Trust and Cybersecurity” Committee that will foster cooperation among participating members. Apart from the individual banking institutions, the member list also includes prominent actors of the national cybersecurity scene like the CSSF, the BCL and relevant service providers.
Following its general meeting of 20 April 2018, the Luxembourg Bankers‘ Association (ABBL) has officially put in place the Trust and Cybersecurity Committee (TCS). At its constitutional session on 20 July 2018 M. Lars Weber (Information Security Officer of Spuerkeess) and M. Thomas Koch (Associate Partner and Cybersecurity Leader at EY Luxembourg) have been designated Chairman and Vice-Chairman, respectively, by unanimous vote by the Committees’ members.
The TCS Committee’s purpose is to promote Cybersecurity and Information Risk aspects across the banking sector, as well as to act as a connector between the various actors on the market.
To achieve these goals, the Committee has adopted a strategy based on 3 main pillars:
The TCS Committee is developing the collaboration of its members on cybersecurity topics. An experts’ exchange among members on relevant subjects is put in place.
The TCS Committee is developing the cooperation with external parties in order to get access to relevant information, to tie links with important actors and to (authorities, regulators, …).
The TCS Committee will speak for its member community and is already present in European and International working groups.
The members of the TCS Committee gather for quarterly plenary sessions at the Luxembourg House of Finance in order to openly exchange on the current threat landscape, regulatory and supervisory aspects and general market practices regarding cyber risks.
In line with the Committee’s missions, external expert speakers are invited to share knowledge and insights into how to address the risks arising from cybercriminal activity. Within the ABBL’s spectrum of expert groups, the Trust and Cybersecurity Committee collaborates with other committees relating to technology, digitalization and risk management.