Data risks and security in the financial sector: Adapting to a new environment

Claudia Guagliano and Alexander Harris
Additional contact information
Claudia Guagliano: Head of Innovation, Products and Technology Unit, Risk Analysis and Economics Department, European Securities and Markets Authority, France
Alexander Harris: Senior Risk Analysis Officer, European Securities and Markets Authority, France

Journal of Financial Compliance, 2022, vol. 6, issue 1, 49-56

Abstract: Huge increases in data generation and storage volumes in recent years, coupled with technological innovations, are changing the nature of data risks in the financial sector. Several factors determine the nature of data risks: (a) the way technology is used; (b) the profile of financial sector entities and their interconnections; (c) the cyberthreat landscape; and (d) awareness and practices among legitimate users of data. How these factors are evolving in an increasingly complex digital environment is described. To manage the changing data risk profile, the EU regulatory framework is adapting. Key regulatory developments in the financial sector include the Digital Operational Resilience Act (DORA) proposal and the recent advice from the European Supervisory Authorities in relation to digital finance. More broadly, the Digital Services Act and the Digital Markets Act aim to create a safer digital space for EU citizens.

Keywords: cybersecurity; data security; digital finance; operational risk (search for similar items in EconPapers)
JEL-codes: E5 G2 K2 (search for similar items in EconPapers)
Date: 2022
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://hstalks.com/article/7281/download/ (application/pdf)
https://hstalks.com/article/7281/ (text/html)
Requires a paid subscription for full access.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:aza:jfc000:y:2022:v:6:i:1:p:49-56

Access Statistics for this article

More articles in Journal of Financial Compliance from Henry Stewart Publications
Bibliographic data for series maintained by Henry Stewart Talks ().