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Organizations in the financialservices, healthcare and other regulated sectors must place an even greater focus on managing risk—not only to meet compliance requirements, but also to maintain customer confidence and trust. This includes cyber incidents, technology failures, natural disasters and more.
The Digital Operational Resilience Act (DORA) is a landmark piece of legislation in the European Union (EU) that is designed to help fortify the operational resilience of the financial sector, making it fit for purpose in the digital age. On the surface, this might seem to complicate matters.
On July 29, 2022, the New York Department of FinancialServices (“NYDFS”) posted proposed amendments (“Proposed Amendments”) to its Cybersecurity Requirements for FinancialServices Companies (“Cybersecurity Regulations”). As part of the “risk assessment” requirements under Section 500.9
M&A, new markets, products and businesses). Emerging Markets : What opportunities align to our business (e.g., managing risk vs ROI and emerging countries)? operating strategy, global businessservices and shared services)? Data Overload : How do we find and convert the right data to knowledge (e.g.,
Regulators are focusing on the data relationships financialservices organizations have with third parties, including how well personal information is being managed. Exploring third party data relationship risk. For example, in December 2019, Outsourcing and Third Party Risk Management was launched by the Bank of England.
The review aimed to look more closely at how wholesale banking and asset management firms oversee and manage their cybersecurity, including the extent to which firms identify and mitigate relevant cyber risks and their current capability to respond to and recover from data security incidents.
The Bank of England, the PRA (Prudential Regulation Authority) and the FCA (Financial Conduct Authority) have asked the UK’s banks and financialservices firms to report on their exposure to operational risks, such as cyber attacks, and explain how they would respond to system failures, such as those recently faced by Visa and TSB.
On July 29, 2022, the New York Department of FinancialServices (NYDFS) announced a “pre-proposed outreach” of material proposed changes to almost every section of its cybersecurity regulations, and would affect each entity covered by the current regulations of 23 NYCRR Part 500. Cybersecurity Risk Assessments.
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