France: Financial Sector Assessment Program-Technical Note on Cyber Risk and Financial Stability

International Monetary Fund

No 2025/237, IMF Staff Country Reports from International Monetary Fund

Abstract: This Technical Note focuses on the cyber risk supervision and regulation of the financial sector in France. The overall complexity of the cyber risk supervision within the French financial sector is high, with four dedicated teams within the three financial authorities, a financial regulator and the cybersecurity agency. Three of the most significant cyber risk related regulations in the EU entail far-reaching changes for the cybersecurity landscape. The supervision of cyber risk in France is found to be effective, building on the relevant EU regulatory framework and strong national laws. The cyber risk supervisory practices of the supervisory authorities are materially in line with applicable regulations and guidance as well as prevailing international good practice. Stronger information sharing, cooperation and coordination among the authorities are necessary in the fragmented cyber supervisory landscape. Other identified weaknesses have a negative impact on the otherwise strong cyber risk supervision and leave room for improvements.

Keywords: network information security directive; General data protection directive; infrastructure regulation; markets authority; securities commission; supervisory authority; network information security directive 2; Cyber risk; Financial sector; Financial sector stability; Insurance; Financial Sector Assessment Program; Europe (search for similar items in EconPapers)
Pages: 30
Date: 2025-08-29
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