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The European Systemic Risk Board (ESRB) has reaffirmed in a 2020 report addressing systemic cyber risk²⁷ how the existing high level of interconnectedness across financial entities, financial markets and financial market infrastructures, and particularly the interdependencies of their ICT systems, may potentially constitute a systemic vulnerability since localised cyber incidents could quickly spread from any of the approximately 22 000 Union financial entities²⁷ to the entire financial system, unhindered by geographical boundaries. Serious ICT breaches occurring in finance do not merely affect financial entities taken in isolation. They also smooth the way for the propagation of localised vulnerabilities across the financial transmission channels and potentially trigger adverse consequences for the stability of the Union’s financial system, generating liquidity runs and an overall loss of confidence and trust in financial markets.