Building resilience to cyber risk in banks is a rapidly growing priority for regulators. This new report, by Deloitte's EMEA Centre for Regulatory Strategy, explains why banks in Europe should expect a growing level of scrutiny from authorities in how they deal with cyber risk, and greater pressure to demonstrate that they are addressing emerging regulatory concerns in a timely way. Taking steps now to get ahead of the game will be crucial.
As regulators get to grips with the nature and complexity of cyber threats, their approach to identifying unacceptable risks and desired responses by banks will become more sophisticated. Banks should expect a growing level of scrutiny of how they deal with cyber risk and greater pressure to demonstrate that they are addressing emerging regulatory concerns in a timely way.
It is crucial that senior risk and information officers as well as Boards get an early handle on how the regulatory framework is evolving and what expectations supervisors are developing for them. This report explores the evolution of these supervisory expectations, and highlights a number of steps banks can take to get ahead of the game and better embed emerging regulatory expectations as fully as possible into existing cyber risk programmes.
The EMEA Centre for Regulatory Strategy - Africa Desk (EMEA CRS - Africa Desk) draws on financial services industry expertise from across Deloitte’s African network to provide our clients with a forward-looking view of the most important regulatory developments affecting them. The EMEA CRS - Africa Desk is an extension of the Europe Middle East and Africa (EMEA) CRS into the African Continent with a focus on the Africa financial services regulatory developments and draws on insights gained from the EMEA CRS where relevant.
The two main objectives of the EMEA CRS - Africa Desk are:
i. To better understand the Financial Sector’s needs regarding transformation initiatives undertaken as a result of regulatory drivers
ii. Co-ordinate the Deloitte response in developing client-tailored solutions based on these regulatory drivers
Through the adoption of a strategic and forward-looking approach to the identification and analysis of emerging financial services regulation, the EMEA CRS - Africa Desk contributes to our knowledge management and empowers our staff to make an impact that matters during each client engagement. The EMEA CRS - Africa Desk coordinates and enables the engagement between our regulatory experts and those charged with accountability to manage an organisation’s response to changes in financial services regulation.