On 23 November 2023, Grant Thornton Cyprus organized a successful Business Breakfast event, held at the Loft venue in Nicosia. The event served as a forum for industry experts and business executives to engage in meaningful discussions on critical aspects of security risk management in regulated businesses.
The seminar proved to be a dynamic platform for in-depth conversations, providing attendees with unique insights into the current landscape of security risk management. During the event, participants were able to increase their understanding around key aspects of security risk identification within regulated businesses, including the main categories of risks demanding their attention.
Key Topics Discussed:
Current Regulatory Framework & Obligations: The seminar delved into the complex legal requirements and regulations set forth by the legislators. Further, it analyzed the approach of the national regulatory and supervisory authorities (Central Bank of Cyprus (CBC) and the Cyprus Securities and Exchange Commission (CySEC)), exploring their impact on investment companies, alternative investment funds and the managers thereof, e-money institutions, and payment institutions.
Cyber Risk Management & Its Importance: The discussion emphasized the significance of staying ahead of emerging trends and challenges in the realm of cyber risks for financial entities, underscoring the crucial role of cyber risk management in ensuring business continuity and resilience.
Digital Operational Resilience Act (DORA): Attendees explored the transformative potential of the Digital Operational Resilience Act (DORA) and its profound implications for the cybersecurity and data resiliency landscape in financial entities.
After the insightful event presentations, Grant Thornton Cyprus experts engaged in an open dialogue with attendees. During this interactive session, attendees shared their concerns and posed questions that were related to their organizations. Given the evolving landscape of ICT and security risk management in Cyprus, it is evident that we are entering a period marked by significant milestone changes.
Christos Makedonas, Partner and Digital Risk Services Leader commented: “In today's dynamic business landscape, characterized by an escalating array of threats and challenges, it is imperative for companies to proactively incorporate the topics we discussed during our event into their strategic considerations. I believe that proactive security risk management isn't just a necessity; but it is a strategic imperative for companies. Having this approach and aligning businesses with these kinds of strategies is essential for navigating the complexities of our dynamic digital environment."
In his comment also Dr. Charis Savvidis, Partner and Regulatory Compliance Funds Services Leader, emphasized: “In a landscape where regulatory dynamics are constantly in flux, it becomes imperative for companies to adopt a proactive stance. The evolving regulatory landscape pushes towards a strategic and anticipatory approach, requiring companies not only to comply, but to also adapt their risk management strategies. This proactive approach is fundamental both to ensure regulatory compliance with regulations but also to seize opportunities amid these changes, ultimately positioning organizations to thrive in a dynamic and evolving regulatory environment."
The conclusion of this business breakfast event, encapsulates Grant Thornton Cyprus’ dedication to advancing knowledge, fostering meaningful conversations, and leading the way in the ever-evolving landscape of security risk management. Our commitment to excellence pushes us forward to seek innovative solutions and continued collaborative efforts to navigate the challenges of an increasingly dynamic business environment.