Steffen Minkmar: Cyber Resilience - Regulatory Developments in the Financial Services Industry (and Beyond)

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Cyber resilience, a term often heard but never fully understood, has made headlines for many years. Nonetheless, we are still confronted with ransomware attacks that lead to the standstill of organizations, as evidenced in the 2017 Maersk attack or the declared state of emergency by the mayor of the city of New Orleans in December 2019 after the city was hit by a cyberattack.

Many organizations perceive cyber resilience as yet another regulatory topic to be addressed by the IT department or the IT security teams, ignoring the regulatory requirements deriving from stakeholders such as the European Central Bank, or the need to interlink cyber preparedness with business continuity efforts and the much-needed support not only by the business departments but also the C-suite.
All this stems from an incomplete understanding of cyber resilience and what added value it can offer to an organization. The presentation aims to close this knowledge gap by highlighting key regulatory requirements, and how these can be addressed in coordination with key decision-makers. It will also provide insights into future regulatory developments with a specific view on the EU legislation. The presentation will also talk about testing approaches for cyber resilience, such as the TIBER-EU (Threat Intelligence-Based Ethical Red Teaming for the European Union) framework.

Key takeaways:

1) After completing this session, the participant will be able to refer to relevant CR regulations and put them into context and everyday use and to understand expectations from the FS regulators.
2) After completing this session, the participant will have knowledge about how CR is applied in other FS organizations, and what tools and methods exist to assess CR readiness.
3) After completing this session, the participant will be able to discuss key CR topics with senior management to promote the importance of CR, and to make a business case for it.
4) After completing this session, the participant will be able to refer to available resources on the internet to deepen his/her knowledge of CR.

Language: English • Duration: 17:29 • Resolution: 1280x720

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