Modern organisations now realise that cybersecurity is a crucial concern. Cyberattacks have grown in frequency and sophistication, with 3,813 data breaches reported in the first half of 2019, which was an increase of 54% over the previous year. And in light of COVID-19-related changes in workforce structure and an unplanned shift to remote work environments that might not be supported with the right infrastructure, companies became even more vulnerable to attack in 2020. While enterprises know that cybersecurity protection is essential to safeguard their companies, many envision cybersecurity protocols as a compliance-focused approach to address industry and governmental regulations, rather than looking at them from a risk analysis level. Continue reading…

EU Commissioner Didier Reynders recently spoke at the 2021 Transatlantic Conference. The participation of President Biden to the European Council showed how deep the alliance between the European Union and the United States is. We have a common willingness to work together to address the key challenges of our times: from the pandemic to the green transition. The recent visit of US Special Presidential Envoy for Climate, John Kerry, was a chance to discuss how to achieve our common objectives of a greener and cleaner future for all citizens. The U.S. trillion dollar recovery package focuses on green investment. It has similar priorities to the prior established European Green Deal. The digital transition requires the same commitment.
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As the deadline to apply for a payment deferral ends on 31 March 2021, the FCA wants to reassure consumers in financial difficulty that support will continue to be available under the Tailored Support Guidance (TSG). Payment deferrals allowed firms to deal with unprecedented demand for short-term support very quickly. As the crisis evolves and demand for payments deferrals reduces, tailored support provides a longer-term framework for firms to offer a wider range of options which are tailored to a consumer’s individual needs and circumstances. The FCA has published finalised guidance for firms, to ensure that mortgage customers whose homes may be repossessed are treated fairly and appropriately, particularly where there are risks of harm to customers who are vulnerable, including as a result of coronavirus. Continue reading…

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has submitted its response to the European Commission’s (EC) targeted consultation on the European Single Access Point (ESAP). ESMA recommends a phased approach, which should prioritise financial and non-financial information of public companies. Steven Maijoor, Chair, said: “A single access point for information about companies is one of the key missing components of the Capital Markets Union. ESMA is fully supportive of the ambition to set up the ESAP as it will increase investor trust in companies across the EU and lower the costs of capital. ESMA is ready to take up a central role in setting up and running the ESAP as suggested by the CMU High Level Forum and the European Parliament.”

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The European Union Intellectual Property Office (EUIPO) and the European Union Agency for Criminal Justice Cooperation (Eurojust) are stepping up their cooperation to more effectively tackle criminal abuse of intellectual property rights in the field of counterfeiting and online piracy. A Service Level Agreement (SLA) was signed to boost Eurojust’s capacity and expand its expertise to support complex investigations in this field. As intellectual property (IP) crime is increasingly considered linked to organised crime and part of other serious criminal offences, it has become essential to intensify the fight against IP infringements, notably in the online environment. In the context of the COVID-19 pandemic, in which the problem of counterfeiting and piracy has gained new momentum with the illegal production and distribution of fake protective equipment and face masks, tackling IP crime is key to protect consumers and preserve a healthy economy and support the recovery of legitimate businesses, notably creative and innovative ones. Continue reading…

Pablo Hernández de Cos, Governor of the Bank of Spain and Chairman of the Basel Committee on Banking Supervision, recently gave a speech at the General Council of Economists on 4 February 2021. Third Deputy Prime Minister and Minister for Economic Affairs and Digital Transformation, ViceChair of the CNMV, Chair of the General Council of Economists: ladies and gentlemen, let me begin by thanking the General Economists Association for organising this event, which marks the conclusion of the Audiovisual Communication Competition on Financial Education. Let me congratulate, too, the winners, other finalists and participants for their effort, dedication and high-quality work. The competition, like most activities since the onset of the pandemic, has had to adapt to the extraordinary circumstances we are facing. Both organisers and contestants have shown high adaptability. The contestants have had to put all their creativity into a digital content. These circumstances also serve to emphasise how financial education can complement the development of other citizens’ capabilities, particularly those relating to digital skills. Continue reading…

Using the cross-system customer index from TOLERANT Software, companies can check in seconds whether they know a person making a request and in which systems data on this person might be stored. The customer index helps them to comply with their duty to provide information on data protection requests.  Continue reading…

The International Association of Insurance Supervisors (IAIS) has completed the first year of monitoring for the Insurance Capital Standard (ICS). The ICS aims to provide a globally comparable risk-based measure of capital adequacy of International Active Insurance Groups (IAIGs) and a common language to facilitate effective supervisory discussions of group solvency. The ultimate goal is a single ICS that includes a common methodology by which one ICS achieves comparable, ie substantially the same, outcomes across jurisdictions. The IAIS Executive Committee (ExCo) recently reviewed results from the 2020 ICS data collection and agreed to progress the 2021 ICS data collection with a small number of revisions to address issues that were identified through the data analysis and from the feedback received in the first year of the monitoring period. In June, the IAIS will publish the updated ICS specifications for the second year of the monitoring period. Continue reading…

Judicial and law enforcement authorities in Belgium, France and the Netherlands have in close cooperation enabled major interventions to block the further use of encrypted communications by large-scale organised crime groups (OCGs), with the support of Europol and Eurojust. The continuous monitoring of the illegal Sky ECC communication service tool by investigators in the three countries involved has provided invaluable insights into hundreds of millions of messages exchanged between criminals. This has resulted in the collection of crucial information on over a hundred of planned large-scale criminal operations, preventing potential life threatening situations and possible victims. Continue reading…