Technology, automation and mobility are making the financial sector more "data intensive". This brings greater cyber-risks and regulatory scrutiny, which has been increasing significantly in Europe and Asia.
Financial regulators are demanding more transparency and greater rigor from institutions when it comes to cyber-security. Europe has a new Network and Information Security (NIS) Directive that will cover banks, financial infrastructure and Internet payment gateways while new data regulation is also coming in to force (GDPR), Germany also has new cyber regulations that impact financial institutions.
China's cyber-security laws have taken a dramatic move towards a "secure and controllable" internet, with particular impact on financial institutions. Financial regulators in Hong Kong and Singapore have both just announced significant new cyber initiatives, with others in the region sure to follow their lead. So where does this put global financial institutions when managing cyber risks across jurisdictions?
Our cyber-security webinar on Monday 27th June 2016 featured Hogan Lovells lawyers from Europe, Asia Pacific and the U.S. comparing regimes and requirements and how global institutions address varying regulatory regimes, manage risk and respond to incidents.