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.

Related news & insights

Digital Reinvention
15/05/2024 Article

Financial innovation spotlight: May 2024 edition

We have selected five new innovative projects that we found particularly interesting. A world tour that takes in France with...

Digital Reinvention
14/05/2024 News

Nirio launches Premio with FDJ: Simplifying everyday banking

Since January 2023, Nirio's payment solution has allowed individuals to pay for daily expenses in nearly 10,000 partner stores approved...

Digital Reinvention
13/05/2024 News

Nu Mexico surpasses 7 million customers, driven by rapid expansion and innovation

This rapid growth includes the addition of 2 million new customers within the last three months, fueled by continuous innovation...

Digital Reinvention
12/05/2024 News

Nubank launches Nubank+ and partners with Max in Brazil

Nubank, one of the world's largest digital financial services platforms, has announced the launch of Nubank+, an evolution of the...

Digital Reinvention
29/04/2024 Interview

Raiffeisen Bank International secures gold at Qorus Reinvention Awards with creative financial literacy game

Timo Mende, working student at Raiffeisen Bank International (RBI), and his team won the gold award in the Distribution category...

Digital Reinvention
26/04/2024 News

CaixaBank boosts innovation with visual thinking

CaixaBank is innovating its work methodologies through its subsidiary, CaixaBank Tech, aiming to streamline decision-making processes.

Digital Reinvention
25/04/2024 News

Standard Chartered launches open banking marketplace to accelerate API adoption

Standard Chartered has launched its new Open Banking Marketplace, offering a one-stop platform for both existing and prospective clients to...

Mobility
24/04/2024 Article

Rich rewards in the mobility sector trigger a scramble for scale

To succeed in the mobility business, companies need scale – and they need it fast. Representatives from Spanish financial services...