From the viewpoint of a banking supervisor, even though a lot of our daily work is centred around capital requirements – which some have called the magic bullet of banking regulation –, cyber risks and other IT-related risks are quite special, for even in adequately capitalised banking systems, this doesn’t prevent IT-related financial stability issues from occurring, such as 4/6  BIS central bankers' speeches  downtimes in payment systems (or massive manipulation of financial ownership).
Thus, financial supervisors need to target those risks in a direct way, pushing the financial sector to make incidents less likely and emergency responses as effective as possible. So what is the European dimension here? Well, it is all too easy: in cyber space, there are no borders, hence the ease with which cyber risks transgress national boundaries.