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A report by the joint committee of the European Union supervisory authorities said that Brexit and cyber attacks are two of the key risks to the EU financial system, Out-Law.com reported. The report said that financial services firms should look at how to provide for "contract continuity" and check whether they need to relocate some of their operations due to Brexit. Additionally, the report said that supervisors need to encourage financial institutions to improve the robustness of IT systems and address concerns about connectivity and outsourcing to third-party providers.