German financial markets watchdog urges greater focus on cyber crime By Reuters

FRANKFURT (Reuters) – Banks need to do more to counter cyber crime, including spending more on identifying risks and paying greater attention to the issue at the management level, the president of Germany’s financial market watchdog Bafin said on Tuesday.

“IT security is a matter for the boss,” Bafin president Felix Hufeld told a banking conference in Frankfurt.

Hufeld said Bafin and the German central bank were examining the possible implementation of cyber stress tests for the German financial sector.

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