by Costanza Matteuzzi & Aldo Pedico

In our first part of the article that has been published last week, we discussed the role of the European Union in the field of criminal law, company and personal needs, the requirements of laws, regulations and standards and the implications. Now in this second part, we will discuss the cybersecurity quality system, the paradigm, certification of the cybersecurity quality system process and finally end with a conclusion to our paper.  Continue reading…

by Michel Klompmaker

The Belgian Cyber Security Convention (BCSC) is an event that was held on October 16 to push organizations to seriously invest in protecting their data from exposure to cybersecurity risks and threats. The convention was organized by Brewery of Ideas and took place at the Lamot Congress Center in Mechelen. It aimed to unite some of the best European experts in cybersecurity coming from about 14 different countries. The goal of the convention was to get businesses, public and private organizations to meet these experts, pass on the latest insights and become informed on the most important best practices and technologies.
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IT Governance, the leading provider of cyber security and privacy management solutions, has released a new green paper: ISO 27701 – Privacy information management systems. ISO/IEC 27701:2019 is a new privacy-focused standard that provides organisations with a comprehensive set of guidelines for managing security of information and personal data. The Standard builds upon the internationally recognised standard for information security management, ISO 27001, and specifies the requirements for developing a privacy information management system (PIMS) as an extension to an established ISO 27001 information security management system (ISMS).

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The Securities and Exchange Commission and the Commodity Futures Trading Commission announced that the Options Clearing Corporation (OCC) will undertake remedial efforts and pay $20 million in penalties to settle charges that it failed to implement policies to manage certain risks as required by U.S. laws and SEC and CFTC rules. According to the SEC’s and CFTC’s respective orders, Chicago-based OCC failed to establish and enforce policies and procedures involving financial risk management, operational requirements, and information-systems security. The SEC’s order also found that OCC changed policies on core risk management issues without obtaining required SEC approval.

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Sara Lawson QC, General Counsel of the Serious Fraud Office, speaking at the Cambridge Symposium on Economic Crime 2019. She startes here speech as follows: “I am delighted to be here, for the first time, speaking on behalf of the Serious Fraud Office. You have heard from our Director about what we have been doing; building on the work of Sir David and his team who, amongst other things, pioneered the use of Deferred Prosecution Agreements and, importantly, made the case for the survival of the SFO so eloquently, not only in words but in deeds. That is to say, by taking on the formidable cases which could only be pursued with the tools and the structure of the SFO.”

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The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) are joining forces again this summer to warn the public about fraudsters targeting people’s retirement savings. This warning comes as new research suggests that 42% of pension savers, which would equate over 5 million people across the UK, could be at risk of falling for at least one of six common tactics used by pension scammers.
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Following the support from Heads of State or Government expressed at the European Council on 22 March for a concerted approach to the security of 5G networks, the European Commission recommended a set of concrete actions to assess cybersecurity risks of 5G networks and to strengthen preventive measures. The recommendations are a combination of legislative and policy instruments meant to protect our economies, societies and democratic systems. With worldwide 5G revenues estimated at €225 billion in 2025, 5G is a key asset for Europe to compete in the global market and its cybersecurity is crucial for ensuring the strategic autonomy of the Union.
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by Ryan Lucs

The Justice Department announced charges against two alleged hackers suspected of working on the orders of the Chinese government as part what the U.S. alleges is a long-running effort to steal American intellectual property. The charges were part of a broader move by the Trump administration to push back against what U.S. officials describe as China’s relentless drive to steal American business secrets. The two men, Zhu Hua and Zhang Shilong, are part of a “hacking group” known as Advanced Persistent Threat 10, according to an indictment unsealed in the Southern District of New York.
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Marc Strackx spoke about biometrics and security during the International Risk Congress in Brussel in relation to countering Financial Economic Crime. In today’s digitally enabled world, where cybercrime, theft and fraud are on the rise, organizations require the most secure, accurate, and reliable identity authentication methods for data access, physical access, and general security. System’s security has become a challenge with attacks on all fronts – not only externally by outsiders but internally by insider manipulation. The implementation of technological safeguards is, therefore, more vital than ever, but with the dramatic increase in networks, devices, connections, and applications this has become highly complex. Continue reading…

In her speech, during the Fintech Festival in Singapore, Christine Lagarde, IMF Managing Director, recognized that digitalization has its influence on the financial sector. So she said: “A new wind is blowing, that of digitalization. In this new world, we meet anywhere, any time. The town square is back – virtually, on our smartphones. We exchange information, services, even emojis, instantly… peer to peer, person to person. We float through a world of information, where data is the “new gold”- despite growing concerns over privacy, and cyber-security. A world in which millennials are reinventing how our economy works, phone in hand. And this is key: money itself is changing. We expect it to become more convenient and user-friendly, perhaps even less serious-looking.”
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