Data Style

🏦 DORA is changing the game for financial services. It’s not just about compliance – it's about building real resilience in a digital world. 💼🔒 If you're wondering how to navigate these new requirements and strengthen your business against cyber threats, check out our latest article. Let's secure the future together! #DORARegulation #DORA #NIS2 #DigitalResilience #CyberSecurity #Fintech #RegTech #Compliance

🌐 Cybersecurity isn’t just a box to check — it’s essential for staying resilient in today’s digital world. We’ve just published an article with clear, practical insights on the NIS2 directive, explaining what it means for businesses and how to boost their cyber defenses. 💻🔐 At Data Style, we don’t just talk about compliance — we help companies get there, making sure they’re ready for the challenges ahead. 🚀 #NIS2 #CyberResilience #DigitalSecurity #BusinessContinuity #ComplianceThatMatters #CyberSecurity

⚛ Quantum computing is advancing fast, threatening our current cryptographic systems. Interesting report by IBM Institute for Business Value and GSMA "The quantum clock is ticking How quantum safe is your organization?" 📄 ❗️Here’s what you need to know: ✅ Urgent Need: Quantum safety is critical now. It's a strategic business imperative, not just an IT issue. ✅ Readiness is Low: The average readiness score is only 21 out of 100. We need to do better. ✅ Leading by Example: Quantum-Safe Champions are proactive, prioritizing crypto-agility and aligning cybersecurity with business goals. ✅ Talent Gap: There’s a significant shortage of skilled professionals in quantum safety. Invest in developing and hiring the right talent. ✅ Collaborate: Industry-wide efforts, like the GSMA Task Force and Singapore's Quantum-Safe Network, show the power of collaboration. ✅ Take Action: Start now—raise board awareness, assess risks, develop transformation plans, and ensure ongoing governance. ❗️Don't wait — quantum safety is the future of secure digital trust (it's not sci-fi anymore) 🤖 👉 https://lnkd.in/gKhpyccd - intro 👉 https://lnkd.in/geqNC8DJ - report #QuantumComputing #CyberSecurity #DigitalTransformation #QuantumSafe #FinTech #Technology #Innovation #Cryptography

📝 The paper "Finternet: the financial system for the future" by Agustín Carstens and Nandan Nilekani (Bank for International Settlements – BIS) presents a vision for a unified, user-centric financial ecosystem that empowers individuals and businesses, leveraging innovative technologies like tokenisation and unified ledgers under a robust economic and regulatory framework. The authors highlight the need for proactive collaboration between public authorities and private sector institutions to establish a strong foundation for this vision, which aims to foster greater participation, offer more personalised services, improve speed and reliability, and reduce costs for end users. The paper also discusses technical characteristics, governance norms, and regulatory considerations to deliver this vision. The authors stress that the technology needed for this financial system exists and is rapidly improving, driven by global efforts. ❗️Authors propose eight key design principles and explain their rationale: ✅ Principle #1: Users at the centre: The system is designed to empower individuals and businesses, placing them at the heart of financial services. ✅ Principle #2: Interoperability: The Finternet connects various financial ecosystems, facilitating seamless transactions and communication between them. ✅ Principle #3: Evolvability: The system is designed to adapt and evolve, incorporating new technologies and innovations as they emerge. ✅ Principle #4: Modularity: The Finternet is built with modular components, allowing for flexibility and customisation based on specific needs. ✅ Principle #5: Scalability: The system is designed to handle a large volume of transactions and accommodate growth over time. ✅ Principle #6: Division of labour and competition: The Finternet encourages competition and specialisation among service providers, fostering innovation and efficiency. ✅ Principle #7: Inclusiveness and accessibility: The system aims to be inclusive, providing financial services to all, regardless of their location or economic status. ✅ Principle #8: Security and privacy: The Finternet prioritises the security and privacy of users' data, ensuring safe and confidential transactions. 👉 https://lnkd.in/e_6YhTm3 #finternet #internet #fintech #technology #innovation #banking #web3 #tokenisation #blockchain #finance

🤖 In the next five years, generative AI could fundamentally change financial institutions’ risk management by automating, accelerating, and enhancing everything from compliance to climate risk control says article by McKinsey & Company. Of the many promising applications of gen AI for financial institutions, there’s a set of candidates that banks are exploring for a first wave of adoption: ✅ regulatory compliance ✅ financial crime ✅ credit risk ✅ modeling and data analytics ✅ cyber risk ✅ climate risk Overall, we see applications of gen AI across risk and compliance functions through three use case archetypes: ✅ A virtual expert, a user can ask a question and receive a generated summary answer that’s built from long-form documents and unstructured data. ✅ With manual process automation, gen AI performs time-consuming tasks. ✅ With code acceleration, gen AI updates or translates old code or writes entirely new code. All leaders need to be aware of the novel risks associated with this new tech. These risks can be broadly divided into eight categories: 1️⃣ Impaired fairness, when the output of a gen AI model may be inherently biased against a particular group of users; 2️⃣ Intellectual property infringement, such as copyright violations and plagiarism incidents, as foundation models typically leverage internet-based data; 3️⃣ Privacy concerns, such as unauthorized public disclosure of personal or sensitive information; 4️⃣ Malicious use, such as dissemination of false content and use of gen AI by criminals to create false identities, orchestrate phishing attacks, or scam customers; 5️⃣ Security threats, when vulnerabilities within gen AI systems can be breached or exploited; 6️⃣ Performance and “explainability” risks, such as models providing factually incorrect answers and outdated information 7️⃣ Strategic risks through noncompliance with ESG standards or regulations, creating societal or reputational risks; 8️⃣ Third-party risks, such as leakage of proprietary data to the public realm through the use of third-party tools. Risk functions need to be vigilant to manage gen AI risks at the enterprise level. They can fulfill that obligation by taking the following steps: ✅ Ensure that everyone across the organization is aware of the risks inherent in gen AI, publishing dos and don’ts and setting risk guardrails. ✅ Update model identification criteria and model risk policy to enable the identification and classification of gen AI models, and have an appropriate risk assessment and control framework in place. ✅ Develop gen AI risk and compliance experts. ✅ Revisit existing know-your-customer, anti–money laundering, fraud, and cyber controls. 👉 https://lnkd.in/g2PThfJq ✍🏻 Authors: Rahul Agarwal, Andreas Kremer, Ida Pagter Kristensen, Angela Luget. #riskmanagement #ai #generativeai #banking #fintech #technology #innovation

📝 The article from McKinsey & Company emphasizes the critical need for financial institutions to proactively manage cyber risks associated with the adoption of emerging technologies. It highlights that as these technologies offer significant benefits, they also introduce new cyber risks. Some metrics from the article: ✅ Cloud and Edge Computing: 84% of financial services companies prioritize this, recognizing its applicability and value. ✅ Applied AI: 78% see this as relevant to their operations. ✅ Next-Gen Software Development and Digital Identity: Around 73% and 70% of respondents, respectively, find these technologies applicable. ✅ Underspending in Cybersecurity: A significant portion of respondents believe they are not investing enough in cybersecurity capabilities. ✅ Cybersecurity Spend Relative to IT Budget: On average, financial services companies allocate 13% of their IT budget to cybersecurity. ✅ Anticipated Increase in Cybersecurity Spending: Especially noted in Tier 2 banks, expected to see the largest growth in cybersecurity budget relative to their IT budget. ❗️Financial institutions should lay the foundation for action by asking themselves the following four questions about their pursuit of emerging technologies: ✅ Do we have the right technology priorities, and are they aligned with our security capabilities? Expansion into newer technologies, such as the cloud and applied AI, usually means greater reliance on third-party services. Companies should reflect on their capabilities and the maturity of their security before introducing any technology. The third-party risk management capability warrants special attention. ✅ Do we have the right metrics and reporting? Whether to satisfy regulators or to hold teams accountable, finserv companies need transparent, value-based metrics for managing cyber risks. They can aid in monitoring performance, informing decisions, and identifying emerging issues for quick action. These metrics should measure cyber risk from an emerging-technology perspective and be reported appropriately to the right stakeholders, including board members and executives, lines of defense, and the risk management team. ✅ Are we investing in the right things? Decisions on technology investments should take security capabilities, especially IAM capabilities, into account. The growing risk of security breaches and the looming need for regulatory compliance shine a spotlight on these capabilities. ✅ Do we have the right talent and technology to close capability gaps? Every organization needs to invest in talent, but hiring and retaining the right talent is a challenge and calls for exploring other ways to fill the talent gap, such as utilizing emerging technologies themselves, including AI. 👉 https://lnkd.in/dg7fkmv3 #riskmanagement #AI #technology #fintech #cybersecurity

🇱🇹 "You know a country is taking technology seriously when its President gives the keynote speech at a fintech conference and expresses how important this sector of industry is to the country" says Dharmesh Mistry in his article in FinTech Futures. Lithuania's fintech industry is making waves in the global arena, with the country positioning itself as a hub for fintech innovation and growth. The President of Lithuania, Gitanas Nausėda, highlighted the importance of the fintech industry at ROCKIT Vilnius's Fintech Day 2024. 🚀 Lithuania's strategy for fintech growth includes attracting foreign companies, fostering innovation, and striving for excellence in the industry. The country's success in the fintech sector can be attributed to its favorable regulatory environment, skilled workforce, and supportive ecosystem. 👉 https://lnkd.in/dpB3B5CK #Lithuania #Fintech #technology #innovation #finance #business

🦹🏻♂️ Global Coalition Seizes #LockBit Ransomware Network In a significant international operation, the UK's National Crime Agency (NCA) seized control of the LockBit ransomware group's infrastructure, seizing their public-facing websites and primary administrative environments. This action follows a coordinated effort involving the Federal Bureau of Investigation (FBI), Europol, and multiple international police forces. The disclosure resulted in four arrests, with two each in Poland and Ukraine, and two defendants being charged in the USA. The NCA's Director General Graeme Biggar stated, "We have hacked the hackers; taken control of their infrastructure, seized their source code, and obtained keys that will help victims decrypt their systems." The Home Secretary James Cleverly described the impact as a major blow to the world's most prolific ransomware strain. Additionally, the FBI provided decryption capabilities to assist hundreds of victims globally, encouraging them to reach out via a dedicated website. The Justice Department highlighted that the operation marks the fifth time they have charged LockBit members, emphasizing their ongoing efforts to bring the group's activities to light and pursue its members 📝 Articles: 👉 https://lnkd.in/dKqtY8gG 👉 https://lnkd.in/dEdGRneC #cybersecurity #cybercrime #ransomware #businesscontinuity #riskmanagement #disasterrecovery

💶 Members of the European parliament voted earlier this month to pass a new regulation, provisionally agreed last year, requiring payment providers in the Single Euro Payments Area to enable instant payments, capped at €100,000, in 10 seconds or under. Providers located in the euro area will then have nine months to be ready to receive instant credit transfers and 18 months to be ready to send them. ✍🏻 Article by Amalia Illgner | The Banker 👉 https://lnkd.in/dU2mQBgk #banking #payments #instantpayments #fintech

✍🏻 The article "What is Fintech?" by McKinsey & Company explains the concept of financial technology (fintech) and its impact on the financial services industry. Fintech refers to the use of technology to improve and automate financial services, including banking, insurance, and investment management. The article discusses the different types of fintech, such as payment systems, lending platforms, and robo-advisors, and how they are disrupting traditional financial services. It also highlights the challenges and opportunities for incumbents and new entrants in the fintech space. Key takeaways from the article include the importance of customer-centricity, collaboration between incumbents and fintechs, and the need for regulatory frameworks that balance innovation and risk management. 😎 Our opinion: Despite the detailed explanations, the term FinTech seems to apply to any financial institution (and not only). From reading it seems that incumbents also fall into the same category of FinTech definition. The boundaries are very blurred. The article also does not touch on another term - "TechFin." Coined by Jack Ma, it's the other side of the FinTech coin. While FinTech is all about traditional financial companies embracing tech, TechFin flips the script — here, the tech titans are stepping into the finance game. 👉 https://lnkd.in/dYR2J-bM #fintech #banking #technology #innovation #finance #techfin #financialservices #payments #lending