Will the European Union and its member states be ready to control this risk – even if competition for financial inflows intensifies?
Can the EU handle biological threats?
From cashless payments to digital banking, finance has become intangible and global. But, while speed and convenience have made our international transactions easier, have we become more vulnerable? How can the EU respond to the increased risk of hybrid threats? This week, Nicholas Barrett is joined by Jukka Savolainen, Director of Community of Interest “Vulnerabilities and Resilience” at the European Centre of Excellence for Countering Hybrid Threats, and Maria Demertzis, to discuss the risks that hybrid threats pose to the financial system.
This one-day workshop focused on hybrid threats in the context of the financial system by examining vulnerabilities and raising awareness, looking for solutions in the form of effective protection measures and improved resilience.
Hybrid attacks are fast, dynamic and ever-evolving. They can cross borders and span industries. They are best dealt with at the national level, but without international cooperation, nation-states are bound to be overwhelmed. So hybrid attacks must be repelled by responsive nation-states and by cooperative international bodies.
The authors document the rise in hybrid threats and cyber attacks in the European Union. Exploring preparations to increase the resilience of the financial system they find that at the individual institutional level, significant measures have been taken, but the EU finance ministers should advance a broader political discussion on the integration of the EU security architecture applicable to the financial system.