Data Protection Report - Norton Rose Fulbright

Cybersecurity is rarely out of global news headlines. David Navetta and Marcus Evans have commented on the issue in the January 2016 edition of The Banker. The feature – “Cyber security – making banking safer” – looks how financial institutions are protecting their assets and customers’ data.

As noted by transaction banking and technology editor Joy Macknight in the article, The Depository Trust & Clearing Corporation’s latest Systemic Risk Barometer Survey found that “cyber risk remained the number one concern globally among financial services professionals, with 70% of all respondents citing it as a top five risk.”

David Navetta commented on cross-border regulatory approaches to cybersecurity: “Governments have a special interest in ensuring that the financial industry is secure because the global economy depends on the movement of money and open access to capital. This encourages much more cross-jurisdictional cooperation, as well as careful scrutiny of banks’ and financial institutions’ security practices.”

Marcus Evans commented on the new European Network and Information Security Directive, aimed at ensuring critical infrastructure in Europe is adequately protected against cyber attacks: “The real development [in the directive] is the sharing of information between EU member states, as well as with third-party countries such as the US.”

To view the full article in The Banker, available to registered users and subscribers, click here.

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