Cyber-risks in modern finance: building operational and regulatory resilience

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Date
2023
Authors
McCarthy, Jonathan
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Publisher
Sweet and Maxwell
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Research Projects
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Abstract
The article argues that operational resilience against cyber-risks in finance is inextricably intertwined with the resilience of regulatory frameworks. The article pinpoints patterns in cybersecurity threats since the COVID-19 pandemic and describes progress towards international standard-setting. The European Union’s (EU’s) Digital Operational Resilience Act is considered as an example of a regime to mitigate cyber-risks. The article emphasises difficulties involved in establishing precise testing and reporting standards. Legislation cited: Regulation 2022/2554 on digital operational resilience for the financial sector
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Keywords
Banking services , Banking supervision , Cyber attacks , Cyber risks , Cybersecurity , Data security , EU law , International standards , European Union , Financial regulation , Information technology
Citation
McCarthy, J. (2023) 'Cyber-risks in modern finance: building operational and regulatory resilience', Journal of International Banking Law and Regulation, J.I.B.L.R. 38(7), pp. 233-241