Recital 17 Selection of critical or important functions

The financial entity means a natural or legal person created and recognised as such under the national law of its place of establishment, which may, acting under its own name, exercise rights and be subject to obligations; should select the critical or important functions means a function, the disruption of which would materially impair the financial performance of a financial entity, or the soundness or continuity of its services and activities, or the discontinued, defective or failed performance of that function would materially impair the continuing compliance of a financial entity with the conditions and obligations of its authorisation, or with its other obligations under applicable financial services law; that will be in scope of the TLPT(threat-led penetration testing) a framework that mimics the tactics, techniques and procedures of real-life threat actors perceived as posing a genuine cyber threat, that delivers a controlled, bespoke, intelligence-led (red team) test of the financial entity’s critical live production systems. When selecting those functions, the financial entity means a natural or legal person created and recognised as such under the national law of its place of establishment, which may, acting under its own name, exercise rights and be subject to obligations; should base itself on various criteria relating to the importance of each function for the financial entity means a natural or legal person created and recognised as such under the national law of its place of establishment, which may, acting under its own name, exercise rights and be subject to obligations; itself and for the financial sector, at Union and at national level, not only in economic terms but also considering the symbolic or political status of the function. To facilitate a smooth transition to the phase of threat intelligence means information that has been aggregated, transformed, analysed, interpreted or enriched to provide the necessary context for decision-making and to enable relevant and sufficient understanding in order to mitigate the impact of an ICT-related incident or of a cyber threat, including the technical details of a cyber-attack, those responsible for the attack and their modus operandi and motivations; gathering, the control team means the team composed of staff of the tested financial entity and, where relevant in consideration of the scope of the TLPT, staff of its third-party service providers and any other party, who manages the test; should provide the testers and threat intelligence provider means the experts, contracted by the financial entity for each TLPT, and external to the financial entity and to ICT intra-group service providers if any, who collect and analyse targeted threat intelligence relevant for the financial entities in scope of a specific TLPT exercise and develop matching relevant and realistic threat scenarios; that are not involved in the scoping process with detailed information on the agreed scoping.