The reliance of financial entities on the use of technology
within their business infrastructure is increasingly on the rise,
given that it helps save on costs, increases efficiency and
ultimately benefits consumers by offering a better end product. A
number of insurance undertakings are in fact increasingly
incorporating 'tech' within their product-lines and
services, as well as within their operational functions in the
course of creating, distributing or administering insurance
products.
On the flip side, cyber risks and cyberattacks are also
increasing exponentially, and this may lead to financial entities
suffering both financial loss as well as reputational damage. The
European Commission has been working on a wide package of
'tech' legislative proposals, one of these being the
Proposal for a Regulation Of The European Parliament And Of The
Council on digital operational resilience for the financial sector
and amending Regulations (EC) No 1060/2009, (EU) No
