The Bank of Italy, the Italian Banking Association and the ABI Lab Consortium have joined forces for the establishment of a specialised computer emergency response team (CERT) to combat cyber threats in the country’s financial services industry.

The new team, known as Certfin, will operate in compliance with the principle of public-private sector cooperation, with an aim of countering cyber crimes connected with the development of new technologies.

It will gather statistics, information and reports and evaluate the phenomena linked to cybersecurity.

Participation in the new cyber response team will be open to various players such as banks, payment service providers, financial intermediaries, market infrastructures and companies, IT and internet infrastructure providers, and insurance firms.

Certfin, which will also liaise with other organisations, will launch various services for financial institutions starting next January. It plans to roll out all services required by the international standards within two years.

A strategic committee chaired by the Bank of Italy and ABI will be responsible for strategic and managerial decisions at Certfin, while an operational unit managed by ABI Lab will coordinate the services.