November 20, 2018 / 12:46 PM / 21 days ago

German financial markets watchdog urges greater focus on cyber crime

FILE PHOTO: Felix Hufeld, President of Germany's Federal Financial Supervisory Authority BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht) attends the G20 Germany 2017 Conference in Wiesbaden, Germany January 25, 2017. REUTERS/Ralph Orlowski

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.

Reporting by Andreas Framke; writing by Tom Sims; editing by Louise Heavens

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