Financial Sector Cybersecurity Collaboration and Engagement of Stakeholders
Event submitted on Monday, May 17th 2021, approved by Charles Villanueva ✓
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Financial institutions have long been one of the most appealing vehicles for cyberattacks. Due to their large amount of personal data, malicious attackers are increasingly attacking them with novel and mysterious assaults. Despite the many benefits that new technologies and digitalization bring to this sector, the attack surface has grown exponentially as a result of all of these factors. Another critical issue for the financial sector is the growing attention given to cybersecurity issues in the financial sector by European legislators, regulators, and standard-setting bodies. Inefficiency and loss of profitability are caused by the high volume and complexity of regulations, as well as fragmentation resulting from different EU laws across national EU jurisdictions. If you work in this sector then this would be an ideal event to attend and participate in.
Conference Event Summary
The following description was either submitted by the Conference Organizer on Monday, May 17th 2021, or created by us.
Financial Institutions have always been one of the most attractive targets for cyberattacks due to their economical appeal. Nowadays, due to their owned high volume of personal data, more malicious actors are targeting them with innovative and unknown attacks. Due to all these factors, although new technologies and digitalization bring so many benefits to this sector, it also has increased exponentially the attack surface.
Additionally, another critical issue for the financial sector is the growing attention from European legislators, regulators, and standard bodies on cybersecurity issues related to the financial sector. The high volume and complexity of regulations, together with the fragmentation arising from different EU laws across national EU Jurisdictions causes inefficiency and loss of profitability.
Cooperation and cyberthreat intelligence sharing are nowadays also a critical necessity in this sector.
The session will focus on best practices, motivational factors, and incentives related to the collaboration of financial sector cybersecurity stakeholders, such as efforts to share threat intelligence, design common incident reporting workflows, joint risk assessments, and others. It will include demos from H2020 projects.
The panel discussion will also include identifying appropriate financial sector specificities, recommendations on engaging the right internal and external parties and setting clear processes within the community, as well as a process to collaborate with actors outside of the financial sector community.
It will also discuss topics of relevance for Digital Operational Resilience Act (DORA) practical implications, such as harmonization of risk management rules across financial services sectors, incident classification and reporting, or information sharing arrangements and notification of competent authority if they take part in such arrangements.