European Banks Strengthen Cybersecurity Amid Strict Regulations
European banks are being compelled to enhance their cybersecurity systems to comply with stringent regulations aimed at safeguarding critical infrastructure against cyber threats. The rise of digital tools in the financial sector has brought with it an urgent need for robust data protection systems and comprehensive cybersecurity measures.
Cyber risks remain a persistent challenge in the banking industry, with no signs of abatement. According to industry projections by Cybersecurity Ventures, global cybercrime costs are expected to escalate to a staggering $10.5 trillion annually by 2025. While these figures highlight the gravity of the issue, financial institutions have an opportunity to protect themselves from financial and reputational harm through the strategic implementation of dependable cybersecurity frameworks.
The Digital Operational Resilience Act (DORA)
On January 17, after a two-year implementation period, the Digital Operational Resilience Act (DORA) was signed into law. This legislation mandates financial services firms and their technology providers to enhance their resilience against cyberattacks and operational disruptions.
Under the new rules, financial institutions must:
- Implement proactive risk management systems to identify and mitigate operational disruptions
[…]
Content was cut in order to protect the source.Please visit the source for the rest of the article.This article has been indexed from CySecurity News – Latest Information Security and Hacking IncidentsRead the original article: