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CALSCALE:GREGORIAN
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X-ORIGINAL-URL:https://events.aforeconsulting.eu/
BEGIN:VEVENT
UID:MEC-7fec306d1e665bc9c748b5d2b99a6e97@events.aforeconsulting.eu
DTSTART:20200928T120000Z
DTEND:20200928T130000Z
DTSTAMP:20200824T055700Z
CREATED:20200824
LAST-MODIFIED:20200923
SUMMARY:Digital Operational Resilience & Critical Infrastructure: Do we need a European framework?
DESCRIPTION:Digitalisation and new technologies are significantly transforming the European financial system. The financial sector is the largest user of information and communications technology (ICT) in the world, accounting for about 20 percent of all ICT expenditure. As a consequence, its operational resilience hinges to a large extent on ICT and this dependence will further increased digitalisation and with the growing use of emerging models, concepts or technologies, such as financial services benefiting from the use of Cloud, distributed ledger technology and artificial intelligence.\nThe presence of high value assets and sensitive data make the financial system vulnerable to operational incidents and cyber-attacks. Policymakers and supervisors have therefore increasingly focused on risks stemming from reliance on ICT. They have notably tried to enhance firms’ resilience through the setting of standards and through the coordination of regulatory or supervisory work. This work has been carried out at both international and European level, and both across industries and for a number of specific sectors, including financial services. Within the European Union, European Commission President von der Leyen Communication has emphasised that it is crucial for Europe to reap all the benefits of the digital age and to strengthen its industry and innovation capacity, within safe and ethical boundaries.\nTo proponents of a new digital operational resilience and critical infrastructure framework, the absence of comprehensive rules on digital operational resilience at EU level has led to the proliferation of national initiatives and supervisory approaches that has resulted in overlaps or inconsistencies, inconsistent incident reporting mechanism. Cyber risks remain more undetectable and it has created ICT third-party and critical infrastructure dependency risks. Financial supervisors also currently do not have powers to oversee risks stemming from financial entities’ dependency on ICT third-party service providers.\nAny new framework must balance the opportunities that the adoption of technologies brings the European financial system with any risks the new framework purports to mitigate. Let’s not forget that the adoption of Cloud for example, not only has commercial benefits for its users but also improves regulatory reporting, risk management and improves security and cyber-attack detection. These technologies have also proved extremely resilient under the stress placed on them by COVID-19. The litmus test is to ensure that any new framework doesn’t introduce a plethora of processes and approvals, slowing down and significantly raising the cost of adopting emerging models and technology crucial to the competitiveness of the European financial system. This particularly holds if Europe adopts a broad definition of what is deemed critical infrastructure.\nPlease join us for this discussion on what will be a thought provoking and timely discussion on one of most important policy areas for both for technology providers and financial services industry.\n
URL:https://events.aforeconsulting.eu/events/digital-operational-resilience-critical-infrastructure-do-we-need-a-european-framework/
ORGANIZER;CN=Linda Strazdina:MAILTO:Linda.Strazdina@aforeconsulting.eu
CATEGORIES:In discussion with webinar
ATTACH;FMTTYPE=image/jpeg:https://events.aforeconsulting.eu/wp-content/uploads/2020/07/digital-marketing-2020.jpg
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