The Spanish banks have come together to create Pinakes (in Greek it means paintings, but the specific reference refers to the first catalog of books from the library of Alexandria), a unique and pioneering project in Europe.
From the Interbank Cooperation Center (CGI), where we can find 124 associated financial entities, including Santander, BBVA, CaixaBank or Sabadell, for example, have launched a platform to be able to “pass the filter” to the suppliers of these entities and who comply with the current cybersecurity regulations.
Pinakes are a set of approved auditing companies that evaluate the level of cybersecurity of financial institutions' suppliers.
How does Pinakes identify risks?
The supervision model has a large catalog of suppliers and the level of security obtained in each of the services audited by each of them.
Their system is similar to the one used by financial rating agencies Like Moody's, Pinakes studies the service providers that the financial institution outsources and evaluates up to 76 different factors. Thus, once the filter has been passed, the entity can check whether the result is appropriate to the requirements they need for the contract.
Herminio del Campo, general director of the CCI, summarized it this way:
“On the one hand, there will be the financial entity that needs to determine, know and supervise the level of security of the functions you outsource; on the other, the Service providers, and in the middle, there will be Pinakes with a set of approved auditing companies that will evaluate that level of cybersecurity of the different services”
Among the approved auditing companies is LEET Security, its CEO, Antonio Ramos, indicated that “Pinakes is a unique service on the European stage” and highlights “the cutting-edge nature of Spanish banking and will make the Spanish business ecosystem more cyber-secure. thanks to transparency on the level of cybersecurity of the different actors. “We are very proud of the degree of acceptance that our rating system has had among all the actors involved.”
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