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

Author

Listed:
  • Guagliano, Claudia

    (Head of Innovation, Products and Technology Unit, Risk Analysis and Economics Department, European Securities and Markets Authority, France)

  • Harris, Alexander

    (Senior Risk Analysis Officer, European Securities and Markets Authority, France)

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.

Suggested Citation

  • Guagliano, Claudia & Harris, Alexander, 2022. "Data risks and security in the financial sector: Adapting to a new environment," Journal of Financial Compliance, Henry Stewart Publications, vol. 6(1), pages 49-56, September.
    • Handle: RePEc:aza:jfc000:y:2022:v:6:i:1:p:49-56
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    Citations

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    Cited by:

    1. Debao Dai & Mingzhu Fu & Liang Ye & Wei Shao, 2023. "Can Digital Inclusive Finance Help Small- and Medium-Sized Enterprises Deleverage in China?," Sustainability, MDPI, vol. 15(8), pages 1-19, April.

    More about this item

    Keywords

    cybersecurity; data security; digital finance; operational risk;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K2 - Law and Economics - - Regulation and Business Law

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