ACB Caribbean’s Post

Thoughts on Dora 🤔 The Digital Operational Resilience Act (DORA), which will come into enforcement in 2025, is a regulatory act that addresses the significant concerns of cyber resilience in the financial sector and critical third-party ICT service providers (cloud). Ok, so now we know what it is.... wonder how many financial sector providers are going to meet Article 25.... https://lnkd.in/e6rpSWeZ https://lnkd.in/eBXVDEcr "Entities shall put in place exit strategies (from the Cloud) in order to take into account risks that may emerge at the level of ICT third- party service provider, in particular a possible failure… Entities shall identify alternative solutions and develop transition plans enabling them to remove the contracted functions and the relevant data from the ICT third-party service provider (Cloud) and securely and integrally transfer them to alternative providers or reincorporate them in house.” If you are a financial entity without vision for Multicloud... you may need to revisit.. 🤔 Welcome my LinkedIn circles comments

The EU is advancing the implementation of the Digital Operational Resilience Act (DORA) and the Markets in Crypto-Assets Regulation (MiCA), which will soon be fully applicable. DORA aims to strengthen financial firms' ability to manage cyber risks and disruptions, while MiCA regulates crypto-asset issuers and service providers to ensure market integrity and consumer protection. Both regulations involve technical standards developed by European Supervisory Authorities, with many already adopted and others under scrutiny. MiCA will apply fully from 30 December 2024, and DORA from 17 January 2025, with companies required to comply with these provisions by the respective dates.

🌐 Enhancing #digitalresilience in #finance: Explore how the #DigitalOperationalResilienceAct (#DORA) is bolstering #ITsecurity and harmonizing #operationalstandards across the #EU #financialsector. From stringent #ICT #riskmanagement to #incidentreporting and #thirdpartyoversight, DORA aims to fortify #financialstability amidst escalating #cyberrisks. As DORA reshapes #EUregulations, its impact on global financial practices, including potential parallels in #UAE #cybersecurityinitiatives, underscores its role in safeguarding #financialsystems worldwide. #DigitalFinance #Cybersecurity #Finance #blockchainnews #regulation #FinancialSecurity https://lnkd.in/d-KaP-3n

The Malta Financial Services Authority (MFSA) has released key updates to Chapter 3 of the 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐈𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐢𝐨𝐧𝐬 𝐑𝐮𝐥𝐞𝐛𝐨𝐨𝐤 impacting e-money issuers and payment service providers. Key changes include: - New guidelines on board composition - Safeguarding client funds and cybersecurity risk updates - Enhanced notification, reporting, and outsourcing requirements These updates aim to enhance hashtag compliance and effective management for licensed entities. https://lnkd.in/dyFqy2dS #GTG #FinancialServices #PaymentServices #Compliance #Cybersecurity Cherise Abela Grech

It is well known that almost all Companies have "their business in the clouds" [using an idiom] and more and more are relying on outsource suppliers cloud computing services, especially in the world of banking and finance. Into this fertile ground, the Guide on #Outsourcing #CloudServices to cloud service Providers grafts itself and sees the light. The ECB Guide, is based on risks and best practices assessed by the Joint Supervision as part of ongoing supervision and dedicated on-site inspections. But there is more! Vulnerabilities, are not limited to potential cybersecurity risks, but several vulnerabilities were identified in banks' IT outsourcing agreements during the Prudential Review and Assessment 2023 process. So, cloud services outsourcing, remains high on the list of the ECB's supervisory priorities for 2024-2026. We know, that EU legislator has adopted, in the latest years, several laws - including the Digital Operational Resilience Act (#DORA) - with the purpose to aims at strengthening the IT #security of financial entities.  In this context, the #ECB draft a Guide want to explain the purpose of these specific regulations and their application to the banks it oversees. So, the ECB launched the public consultation on the Guide, which will end on July 15, 2024. At the end of this first phase, the ECB will subsequently publish the comments received, its feedback, and the final Guide.

According to the International Monetary Fund, almost one-fifth of recent cyberattacks targeted financial firms.  In response, the EU has introduced the Digital Operational Resilience Act (DORA), which will come into effect on 17th January 2025. However, achieving DORA compliance by January 2025 may pose challenges for many CISOs in the upcoming months. OpenText Cybersecurity #IMF #DORA #cybersecurity #CISOs #EU #compliance Andrada Fiscutean

📢 We are excited to launch our new newsletter, DORA Watch, in collaboration with TerraLex and our network of law firms. Stay informed on the latest developments in the EU's Digital Operational Resilience Act (DORA) and enhance your global journey to compliance. 🔗 Explore and subscribe through the link below. #DORA #FinancialServices #CyberSecurity #DataProtection #Outsourcing #DigitalResilience #Regulatory #RegulatoryRPC

From January 17th 2025, the EU’s Digital Operational Resilience Act (DORA) will come into force. But what does this mean for financial organisations and how should they prepare for compliance? It is all about cyber resilience so Commvault's Darren Thomson spoke to Finance Derivative about the five key foundations that financial institutions should be working to establish ahead of the new year. Read all about it here: https://ow.ly/cl2z30sBISY

From January 17th 2025, the EU’s Digital Operational Resilience Act (DORA) will come into force. But what does this mean for financial organisations and how should they prepare for compliance? It is all about cyber resilience so Commvault's Darren Thomson spoke to Finance Derivative about the five key foundations that financial institutions should be working to establish ahead of the new year. Read all about it here: https://ow.ly/Q0hW30sBJ1i

From January 17th 2025, the EU’s Digital Operational Resilience Act #DORA will come into force. But what does this mean for financial organisations and how should they prepare for compliance? It is all about cyber resilience, so Commvault's Darren Thomson spoke to Finance Derivative about the five key foundations that financial institutions should be working to establish ahead of the new year. Read all about it here: https://ow.ly/w6y530sBIbu