+Article 7 1

Article 7 1

1.   For the purpose of determining the economic impact of the incident as referred to in Article 18(1), point (f), of Regulation (EU) 2022/2554, financial entities shall, without accounting for financial recoveries, take into account the following types of direct and indirect costs and losses which they have incurred as a result of the incident:

(a)

expropriated funds or financial assets for which they are liable, including assets lost to theft;

(b)

costs for replacement or relocation of software, hardware or infrastructure;

(c)

staff costs, including costs associated with replacement or relocation of staff, recruitment of extra staff, remuneration of overtime and recovery of lost or impaired skills;

(d)

fees due to non-compliance with contractual obligations;

(e)

costs for redress and compensation to customers;

(f)

losses due to forgone revenues;

(g)

costs associated with internal and external communication;

(h)

advisory costs, including costs associated with legal counselling, forensic services and remediation services.

1. Overview

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1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

Requirements

3. Related Standards

Standards