Over the past five years, there has been a significant increase in digital and cyber-related policymaking in Europe. The areas covered are digital economy, payments, cyber resilience, the #DigitalEuro, crypto-assets, digital identity, and #AI. Despite good intentions when designed, this surge has led to policy fragmentation and overlapping regulations. To shape a strategic vision for Europe’s digital financial services, the role of the banking sector is crucial. By working closely with the actors involved, we will strengthen Europe's competitiveness globally and provide to Europeans a safer, more trustworthy and more resilient landscape. Getting there takes: 1️⃣ Conducting a comprehensive review of existing and upcoming legislation to identify inconsistencies; 2️⃣ Streamlining supervisory structures and processes for efficient implementation; 3️⃣ Harmonizing cybersecurity requirements and fostering public-private partnerships. The EU institutions must support private initiatives to develop sustainable business models that meet the objectives of a sovereign European payment system. Together, we can shape a balanced, resilient, and competitive digital financial landscape for Europeans. 👉 Read our recommendations to the incoming EU political leaders: https://t.co/iRyorDpZlN #FutureFinancingEurope
Very clear, thank you: only by cooperation we gain control over complex banking digital landscspe and protect our European interests.
Steve Purser
3w
Very interesting and well-written document. As someone who has worked in the cybersecurity field for many years, I particularly support recommendations 2 and 35-38. All of these are key to future progress.
Dream on
Author & Speaker on Cybersecurity, entrepreneur at leetsecurity.com | Do you want to talk about cybersecurity? Let's contact
2wRegarding cybersecurity, IMHO, the key is "harmonization". If we consider harmony as "a combination of parts into a pleasing or orderly whole; congruity" or, better "agreement in feeling, action, ideas, interests, etc.; peaceable or friendly relations" I have to say that it is going to be difficult. Imagine that we say that we need to harmonize the speed limits for roads in Europe. Cybersecurity requirements have to be proportional to the risk. It means that they have to be modifiables and evolving according to the level of dependency on technology. I would suggest to explore the option to "harmonize the way we measure cybersecurity" in the same way that speed is measure in kilometers per hour (or miles per hour). This would help to simplify efforts from the regulators and, also, financial entities around what should be the expected level of cybersecurity according to the use case that is under discussion. #changetherules