CaixaBank participates in consortium to establish foundations of European cybersecurity ecosystem

Digital Reinvention
15/08/2023 News

CaixaBank has assisted in creating a use case to make the sharing of data related to cybersecurity and fraud more flexible and secure, and to facilitate better coordination and communication between financial institutions and other companies in Europe. 

CaixaBank has participated, along with 59 other entities from 21 countries across Europe, in the CONCORDIA consortium[i], a European Union-funded project focused on establishing the foundations of a new European cybersecurity ecosystem.

The project, which is included under the Horizon 2020 programme that began in January 2019 and ended this year, has focused on drawing up a cybersecurity roadmap to improve coordination and communication between organisations, companies and states in Europe in this field.

Within the consortium, CaixaBank has participated, alongside Atos IT Solutions and Services Iberia, a leader in digital transformation (cloud computing, cybersecurity and supercomputing), to develop a tool to make the sharing of data related to cybersecurity and financial fraud (such as phishing cases, bank account and credit or debit card fraud) more flexible and secure. The purpose of this use case is to encourage the secure exchange of information in order to facilitate coordination between the various European agencies and companies. CaixaBank helped to design a tool which can, for instance, define in great detail what information it needs to anonymise and specific groups with whom to share it.

CaixaBank was the only Spanish bank involved in this flagship project of the European Commission, which was funded with a budget of €16 million and included companies from a variety of sectors.

In addition to the development of the European cybersecurity ecosystem, the project covers a range of areas, including research and innovation, education and skills, economics, investment, legal and political affairs, standardisation and certification.

European Cybersecurity Competence Centre (ECCC)

A pan-European Cybersecurity Centre has also been created with a view to addressing the current security fragmentation at the European level, bringing together various leading entities in this field. The roadmap and recommendations of the European cybersecurity ecosystem drawn from CONCORDIA have been instrumental in defining and creating the European Cybersecurity Competence Centre (ECCC), located in Bucharest, which will underpin the deployment of innovative cybersecurity solutions. This centre is intended to increase Europe’s cybersecurity capabilities and competitiveness, working alongside a Network of National Coordination Centres to build a strong cybersecurity community.

Together with Member States, industry, and the cybersecurity technology community, the ECCC will develop and implement a common agenda for technology development and its broad deployment in areas of public interest and business. It will also facilitate partnerships and the exchange of knowledge and skills between the various participants, including industry, research centres and public bodies, among others.

European research projects

In addition to the consortium, CaixaBank has participated in other projects within the Horizon 2020 programme, driven by almost €80 billion of EU funding over seven years (2014-2020). The European Commission's current funding framework for research and innovation, Horizon Europe, has €95.51 billion available for the 2021-2027 period, and its objective is to ensure that Europe produces leaders in science and breaks down the barriers to innovation.

CaixaBank has been part of ten winning consortia in recent years, and it has received funding of more than €2.5 million for technological innovation and cybersecurity. These include projects such as AI4CYBER, REWIRE and GREEN.DAT.AI.

Through its involvement in these initiatives, CaixaBank continues to establish its position as a leader  in R&D for the financial sector, focused on information security. Being part of these international consortia means the bank can coordinate more easily with other companies, universities and research centres on issues and challenges like cybersecurity.

Cybersecurity, a strategic priority for CaixaBank

Cybersecurity is a top priority for CaixaBank. The bank has a solid strategy in this area, which, together with technical aspects, requires applying a global perspective, strong coordination and research and the prevention of human factor risks through training, and raising awareness among employees and customers. All measures taken are consistent with the bank’s Strategic Information Security Plan, which continuously assesses our capabilities versus the best industry practices and benchmarks. ​

CaixaBank has implemented a cybersecurity ecosystem that has specialised equipment and advanced technological infrastructure to protect digital transactions from security incidents. The bank invests continually in new technology in order to protect our customer, guarantee their growth, adapt to emerging business needs and provide access to information around the clock.

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