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Team Focus Insurance Group Announces SOC 2 Compliance Know more:- https://lnkd.in/ekG-Fhdz #fintecbuzznews #ftb #fintech #financialtechnology #fintecbuzz #financialservices #teamfocus

Fortifying Europe's Financial Sector: The DORA Code for IT Security The Digital Operational Resilience Act (DORA) is a European Union (EU) regulation that came into force on 16 January 2023 and will apply starting from 17 January 2025. Its primary objective is to strengthen the IT security of financial entities such as banks, insurance companies, and investment firms. Here are the key aspects covered by DORA: 1. ICT Risk Management: - Financial entities must manage their technology-related risks effectively. - It addresses third-party risk management 2. Digital Operational Resilience Testing: - This includes testing for incidents and disruptions, ensuring that financial services can withstand, respond to, and recover from ICT-related issues. 3. Reporting and Information Sharing: - Financial entities are required to report major ICT-related incidents to competent authorities. 4. Oversight of Critical Third-Party Providers: - The European Supervisory Authorities (ESAs) play a role in overseeing these providers. The timelines - 16 January 2023: DORA enters into force. - 17 January 2025: Application of DORA begins. Real-life scenarios related DORA impact: 1. DORA and Financial Institutions: - Imagine a major European bank that relies heavily on its digital infrastructure for customer transactions, data storage, and communication. - Under DORA, this bank must: - Assess ICT Risks: Regularly evaluate risks related to its IT systems, including vulnerabilities, cyber threats, and third-party dependencies. - Test Resilience: Conduct operational resilience tests to ensure the bank can withstand disruptions (e.g., cyberattacks, system failures). - Report Incidents: Promptly report any significant ICT incidents to regulatory authorities. 2. Third-Party Vendor Incident: - Consider a large insurance company that outsources its claims processing to a third-party vendor. - Due to inadequate security measures at the vendor, sensitive customer data is exposed in a cyber breach. - Under DORA, the insurance company must: - Enhance Third-Party Oversight: Strengthen risk monitoring and due diligence for all critical vendors. - Report the Incident: Notify regulators about the breach and take corrective actions. 3. DORA and Cloud Service Providers: - A multinational investment firm relies on cloud services for data storage and analytics. - DORA requires the firm to: - Evaluate Cloud Risks: Assess risks associated with cloud providers (e.g., data privacy, availability). - Ensure Resilience: Develop contingency plans for cloud service disruptions. - Maintain Transparency: Report any significant incidents related to cloud services 4. Startups and DORA Compliance: - Even small fintech startups fall under DORA's scope if they provide financial services. - Complying early can build trust with users and investors.

🔐📝 Understand Your Cardholder Data Environment (CDE) 📝🔐 Navigating the complexities of managing cardholder data can be challenging—but is crucial for maintaining PCI compliance. 📚 In this guide, you’ll learn how to optimize your Cardholder Data Environment (CDE): 🔷 What is a CDE?: Understanding the fundamentals. 🔷 Best Practices: Strategies for securing your cardholder data. 🔷 Compliance Tips: How to stay compliant with PCI DSS requirements. 🔷 Risk Mitigation: Reducing the risk of data breaches. Equip yourself with the knowledge to protect your business. Dive into our comprehensive guide today! 🚀 https://hubs.la/Q02FJN4-0

How Custodia ’s SOC 2 Type II and ISO 27001 certifications enhance data security The imperative nature of data security and regulatory compliance in regulated industries cannot be overstated. For organisations handling sensitive information, the pursuit of robust security measures and compliance with stringent standards is non-negotiable. Custodia’s cloud-based service, CC1, epitomises a secure platform that not only simplifies compliance but also facilitates data-driven decision-making. This is underpinned by its recent recertification in SOC 2 Type II and ISO 27001 standards. On May 13, 2024, independent auditor Prescient Assurance granted Custodia an unqualified opinion attestation for SOC 2 Type II, symbolising a paramount achievement in security assurance. Read the story here: https://lnkd.in/g3nbBzhW #FinTech #RegTech #Compliance

Steve Perkins has been an exceptional leader in our Firm over the 12 years we were able to work together. I saw first hand his skills in meeting the needs of the organization while being fiscally minded and bringing efficiency to the practice areas he supported. Reach out to him today if you have questions regarding how to bring these services to your organization in a fractional way!

In today’s digital age, small businesses depend heavily on data, and a data loss event—whether from a cyberattack, hardware failure, or human error—can result in significant operational disruptions and financial losses. Having a robust data backup and recovery plan ensures minimal downtime, protects against ransomware, and helps maintain regulatory compliance. It also preserves customer trust by enabling a swift recovery. Key practices include following the 3-2-1-1-0 backup rule, encrypting data, and regularly testing recovery procedures. Contact McHugh Insurance Group for help protecting your business’s data. https://lnkd.in/enmdthRC

💡 One of the most effective ways to demonstrate a company's commitment to data protection is by achieving SOC 2 compliance. ❗️While SOC 2 is primarily focused on information security, the controls and processes required for compliance can also have a significant impact on a company's insurance program. ➡️ Learn all about it in our latest blog post: https://lnkd.in/gbnX87TS #ERM #riskmanagement #compliance #insurance #automation #SOC2

🔒 Is your security team bogged down by manual processes and scattered data? A leading U.S. insurance company faced the same challenge, finding themselves overwhelmed by manual tracking and inconsistent reports. With Resolver’s ESRM software, they centralized incident data, dramatically improved their reporting accuracy, and reduced the time spent on incident management. 🛡️ Find out how they improved their security risk management in our case study 👉 https://ow.ly/HxIq50T27VU #Resolver #SecurityRiskManagement #InsuranceCaseStudy #CaseStudy

What You Need to Know About the Digital Operational Resilience Act (DORA) by Lavanya Rathnam via Planet Compliance ([Global] GDPR) URL: https://ift.tt/YL1PkIZ Financial companies are increasingly relying on tech companies to deliver financial services. This dependence increases the probability for financial companies to be a victim of cyberattacks. Furthermore, poor planning and management can put the sensitive digital financial records of individuals at risk. To avoid the repercussions of cyberattacks on financial companies, the European Union (EU) has created a regulatory framework called the Digital Operational Resilience Act (DORA). What is DORA? DORA is part of the European Union’s broader strategy to enhance cybersecurity and digital resilience across the financial sector. It complements existing regulations like the General Data Protection Regulation (GDPR) and the Network and Information Security (NIS) Directive. DORA specifically focuses on ensuring that financial entities can withstand, respond to, and recover from all types of ICT-related disruptions and threats. This regulation applies to a wide range of financial entities, including banks, insurance companies, investment firms, and credit institutions. It also extends to ICT third-party service providers, like cloud service providers, data analytics firms, and software vendors. With DORA, the EU aims to provide common requirements across all member states to minimize disruptions and data loss for customers as well as the entire financial system. To achieve this, DORA has five key pillars that address the different aspects of ICT and cybersecurity. They are: 1. ICT Risk Management Framework One of DORA’s core requirements is that financial institutions must establish a comprehensive ICT risk management framework. This framework should encompass the identification, assessment, and management of ICT risks. More importantly, institutions must regularly update their risk management processes to adapt to evolving threats. The framework must also include detailed policies for managing ICT-related incidents, ensuring that institutions can swiftly respond to and mitigate the impact of disruptions. This proactive approach is intended to minimize downtime and prevent financial losses. 2. ICT Incident Reporting DORA mandates a standardized approach to reporting ICT-related incidents. Financial institutions must report significant incidents to their national competent authorities within a specified timeframe. The aim is to create a more coordinated response to cyber threats across the EU. In addition to this mandatory reporting, institutions are encouraged to share information about incidents with their peers. This collaborative approach is intended to enhance the sector’s overall resilience by enabling institutions to learn from each other’s experiences. 3. Operational Resilience Testing Operational resilience testing is another key component of DORA. Financial i...