Irish Independent | New Law Will Hold Banks Legally Responsible for Online Protection

Irish Independent | Irish financial institutions are ‘not prepared’ for new online protection law, says expert

By Fearghal O’Connor | 26 May 2024

Nicola Byrne discusses how banks and financial institutions aren’t prepared for the new Digital Operations Resilience Act (DORA), coming into effect in January 2025, “Irish banks and financial services companies are not at all prepared to deal with the implications of the new law….While banks have to date focused on network security to protect themselves, Byrne warns that they lack a “whole risk perspective” to understand evolving online threats”. The new law means banks and financial institutions will be issued substantial fines and penalties, if they do not protect their customers from the online fraud and misinformation.

“Financial institutions – and their directors – who fail to protect customers may face fines of up to 2pc of annual turnover or, in the case of an individual, a maximum fine of €1m”.

Read the full article here to hear why banks and financial services aren’t yet prepared and why that is a significant risk for their customers, https://www.independent.ie/business/irish-financial-institutions-are-not-prepared-for-new-online-protection-law-says-expert/a1570676717.html