The watchdog has named the seven risks it considers most capable of jeopardising Germany’s financial stability. Of these, one is new for 2024 - market concentration in the outsourcing of IT service. "In some sectors in Germany, a small number of specialised IT service providers serve a large proportion of banks and insurers," warns the report. Among the other concerns highlighted is the risk of cyberattacks and of inadequate money laundering prevention. Mark Branson, president, BaFin, says: "Institutions shouldn’t underestimate risk provisioning needs, and, more than ever, companies should be investing in their operational security and stability." Read the report (German)