The ECB is serious and increases pressure on major banks via IT inspections

Kiel 14.12.2016 - Many institutes were reluctant to invest in their IT security in the past. Now, this investment backlog is taking revenge. Already more than a year ago the Chairman of the Board of Management of Deutsche Bank complained about their "outdated" IT systems, according to the FAZ. Financial losses, for example due to misdirected data flows, are the one, image loss the other as a consequence of this.

In order to avoid this, it is worthwhile to take a look at some of the criticized points in the framework of the ECB examinations. A key focus of the supervisory teams, consisting of representatives of the ECB, Deutsche Bundesbank and the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin), focused on the design of internal workflows. According to the stock exchange magazine, the auditors were interested, among other things, in managing the access rights of employees and the development of bank-internal applications. At this point a critical IT infrastructure is evident at many banks.

Consist is aware of this problem by working together with financial institutions for many years and, on the basis of the proven Splunk technology, offers bank-compatible solutions according to current EU safety requirements. The certified splunk and security consultants are distinguished by their high data expertise in the context of the accompanying integration of the appropriate information and security systems. Please feel free to contact us and have a look at the functionalities in a proof of concept.

About the background: Since the 4th of November 2014, large banks are under the direct supervision of the European Central Bank, based in Frankfurt. These are 120 banks across Europe, 21 of them from Germany. A list of the ECB shows the names of the banks and the reasons for their inclusion in the same. In Germany, BaFin and Deutsche Bundesbank share banking supervision on the basis of section 7 of the Banking Act (KWG).