GL on Cost & Loss Estimation

Abstract

Joint Guidelines issued by the European Supervisory Authorities specifying methodologies and reporting templates for estimating aggregated annual costs and losses caused by major ICT-related incidents under Regulation (EU) 2022/2554. The guidelines define scope, reference years, aggregation methods, treatment of recoveries, and reporting templates to be submitted to competent authorities.

Key Takeaways

• ✓
  Provides a harmonised methodology for estimating aggregated annual costs and losses from major ICT-related incidents under DORA.
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  Requires financial entities to aggregate gross costs, losses, and financial recoveries for incidents classified as major.
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  Specifies that estimations should be based on financial statements or other available data where precise data is not available.
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  Defines reporting requirements, including use of a standard template and incident reference identifiers.
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  Applies to competent authorities and financial entities, with expected application from 2025.

Keywords