Not only the penalty could be severe, even more importantly, the bad credit behavior can feed into their credit history with credit bureaus which can serve as an impediment for their future credit requirement. These are the areas on which the literacy efforts for this group should focus on. 14. Coming to the next category i.e. the “illiterate illiterate”.
And there are plenty of these; I cannot stress this enough. We also work with the European Banking Authority, the EBA, on how to supervise cyber risk in an effective and harmonised manner across Europe. As for the euro area, we plan to issue our supervisory expectations on how banks approach IT risks in general.