Belgian Finance Center’s Post

Preparing for the Implementation of Joint Standard 2 of 2024 The Financial Sector Conduct Authority (FSCA) and the Prudential Authority (PA) have published the Joint Standard 2 of 2024, focusing on cybersecurity and cyber resilience for financial institutions. This standard is scheduled to come into effect on June 1, 2025. This provides financial institutions, including small independent advisors, with a 12-month period to prepare for compliance. During this preparation period, institutions are encouraged to gradually implement the required cybersecurity measures. This phased approach not only ensures compliance by the effective date but also helps distribute the associated costs over several months, reducing the financial burden. By proactively addressing these requirements, financial institutions can enhance their security posture and protect themselves against cyber threats, ensuring a smoother transition when the Joint Standard becomes mandatory. For detailed information on the Joint Standard and its requirements, visit the FSCA's official website at https://www.fsca.co.za or the Prudential Authority section on the South African Reserve Bank's website at https://www.resbank.co.za/ If you require more information refer www.sacyber.co.za

🚀 Discover the Future of Financial Sector Resilience with DORA! 🚀 This insightful interview featuring Cyen's cybersecurity experts, Iva Tasheva & Eva Saeva, as they delve into the EU Digital Operational Resilience Act (DORA) for the Financial Sector. 🔍 Key Topics Covered: ➡ Cyber resilience requirements ➡ ICT risk management strategies ➡ Incidents reporting obligations ➡ Digital operational resilience testing ➡ Information sharing on cyber threats & incidents ➡ Managing ICT 3rd party-related risks As cybercriminals increasingly target the financial sector, it's crucial to stay informed about the latest regulations and best practices. Join us to learn how DORA aims to enhance the digital operational resilience of financial entities. 👉 Don't miss this essential discussion on cybersecurity, stay tuned! 🎥 Watch the Video: https://lnkd.in/dBr3P_uc #Cybersecurity #FinancialSector #DORA #DigitalResilience #ICTRiskManagement #CyEn #CyberThreats #InformationSharing

Given the evolving 2025 SEC examination priorities, we at Riveron are ready to support businesses in adapting to heightened compliance expectations, #cybersecurity protocols, and emerging #technology challenges. These topics align with our passion in guiding clients through regulatory compliance, enhancing operational resilience, and ensuring successful transatlantic engagements. #AccountingAdvisory #Compliance #Cybersecurity #Sustainability #Growthstrategies

🔒 On April 14, 2024, Frontier Communications Parent, Inc. reported a significant cybersecurity breach where unauthorized access was gained to portions of its information technology systems. The company promptly activated its cyber incident response protocols to contain the breach. These measures included shutting down certain systems, leading to operational disruptions that the company has deemed material. #CyberSecurity #DataBreach #FrontierCommunications 🕵️♂️ The breach was attributed to a cybercrime group that accessed personally identifiable information among other data. Frontier Communications has since contained the incident and is working towards restoring normal business operations. The company has engaged cybersecurity experts and notified law enforcement authorities to further investigate and address the breach's implications. #InfoSec #CyberAttack #CorporateResponsibility 📈 Despite the breach, Frontier Communications believes that the incident is unlikely to materially impact its financial condition or results of operations. This statement provides reassurance to investors and stakeholders about the company's resilience and capability to manage cyber threats effectively. Frontier continues to monitor the situation closely and implement enhanced security measures to prevent future incidents. #InvestorRelations #RiskManagement #BusinessContinuity 🌐 This incident underscores the critical importance of robust cybersecurity measures and rapid response protocols for protecting sensitive data in today's digital age. Companies are encouraged to review and strengthen their cybersecurity frameworks regularly to mitigate the risks associated with data breaches. #CyberResilience #DigitalSecurity #TechIndustry #unauthorizedaccess #shutdown #informationtechnology #businessoperations #cybersecurityexperts #cybersecurity #access #tech #data #businesses #operation #experts

An MIA Conference on Assurance in the Digital Age will take place on 26th November. Topics on the agenda will include the impact of digitalisation on an assurance process, the implications of the Artificial Intelligence Act for practitioners, the application of ISA 315 (Revised 2019), the benefits of technological transformation, security considerations for a digital assurance process, ethical considerations, as well as ESG reporting and IT assurance. Join us for this event to broaden your understanding of how the assurance process is changing! 🔗https://lnkd.in/eeQ5_sV6

Read the latest blog from my colleague Moira Cronin which discusses the key requirements noted in the tranche one RTS and summarises the key takeaways from tranche two under the #DORA regulation.

Read the latest blog from my colleague Moira Cronin which discusses the key requirements noted in the tranche one RTS and summarises the key takeaways from tranche two under the #DORA regulation.

Read the latest blog from my colleague Moira Cronin which discusses the key requirements noted in the tranche one RTS and summarises the key takeaways from tranche two under the #DORA regulation.

The CFIUS is increasingly critical in regulating foreign investments that may impact U.S. national security. Don't miss HaystackID's free masterclass on 24 July 2024 at 4pm UTC to delve into the growing significance of CFIUS and gain practical insights for effectively managing these reviews. (https://lnkd.in/eyKA3y4Z) Discussions will include how choosing the right eDiscovery partner can safeguard your brand, facilitate expansion in the U.S. market, and ensure meticulous adherence to CFIUS regulations. Speakers: - Nate Latessa, Executive Vice President of Advisory Services, HaystackID - Matthew Miller, Senior Vice President of Information Governance and Data Privacy, HaystackID #eDiscovery #CFIUS #ForeignInvestments #DataPrivacy

📢 Attention EU financial market professionals: Don't underestimate the impact of DORA. The European Supervisory Authorities have released the first draft of Regulatory Technical Standards (RTS) detailing criteria for classifying ICT-related incidents and reporting thresholds. These standards will have significant implications for how financial institutions prepare for, respond to, and mitigate cybersecurity threats and operational disruptions. Key takeaways from Loyens & Loeff's insightful article: https://lnkd.in/ePrVC6B5 DORA requirements are getting more defined: via draft RTSs. The latest provides more clarity on what constitutes a "major ICT-related incident," outlining materiality thresholds to help institutions determine reporting obligations. The next - and last - RTS will be out this summer. Start preparing now: The Dutch regulators (AFM and DNB) have emphasized the importance of early preparation for DORA compliance. Don't delay your planning efforts. Even if the details are not fully clear, by the time the last RTS is released, businesses will have less than six months to comply so, don't delay! It's time to prioritize ICT resilience within your DORA implementation strategy. Proactive planning will safeguard your institution and help ensure seamless operations in the face of potential disruptions. #DORA #ICTresilience #EUfinancialservices #cybersecurity #operationalresilience