Europe’s main securities regulator has elevated cyber risk and digital resilience to the top of its supervisory authorities for the coming year.

The European Securities and Markets Authority (Esma) has updated its Union Strategic Supervisory Priorities to include cyber security alongside ESG disclosures as its main regulatory focus.

The move comes ahead of the introduction of the EU’s Digital Operational Resilience Act (Dora) which is scheduled to come into force in 2025.

The act is designed to bring more harmonisation to the operational resilience rules introduced by various central banks across Europe.

It is also recognition of the increased risks presented by the growing use of digital channels within the investment sector and financial services.

In a statement, Esma announced that cyber risk would replace market data quality on the list of USSP, adding that the regulator had “carried out intensive and concerted supervisory efforts to make structural, long-lasting improvements in this area”.

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