cybersecurity strategy

Luxembourg’s financial sector grapples with a stark wake-up call as concerns mount over its nonchalant stance towards impending cyber regulations outlined in the Dora Act; a prominent politician’s apprehensions highlight critical questions surrounding banks’ preparedness and the looming specter of potential sanctions.

Supervisors ESMA and EIOPA are “closely monitoring” cyber risks in Europe’s asset management industry amid concerns that rising tensions over Ukraine may spark Russian-backed cyber attacks on Europe’s economic infrastructure.

The NATO-Russia dispute over Ukraine is fought on many boards at once. In addition to the threat of a ground war, disinformation campaigns and cyber attacks are deployed. The financial sector is particularly vulnerable. Attacks on financial service providers have increased sharply during the last two years. Asset managers are far more vulnerable than they often realise.

Some businesses were driven to quickly put systems in place as the pandemic drove a sudden move to remote working. This has however meant that despite most businesses having a cybersecurity strategy in place, they haven’t had the time to understand everything that these new technologies can do, according to George Ralph, global managing director at RFA, a cybersecurity provider to the financial services sector.