The worldwide focus on operational resilience in financial services: what firms and service providers need to know

Regulators around the world have long been concerned about the operational resilience of banks and other financial institutions, and the impact that cybersecurity incidents and other operational disruptions can have on the wider financial system. The COVID-19 pandemic and, more recently, the global IT outage precipitated by CrowdStrike’s software update have highlighted the importance of these issues. 
 

Regulators are intent that operational risk and resilience be incorporated into the fabric of businesses. Many jurisdictions have developed new rules designed to strengthen the IT security of financial entities such as banks, insurance companies and investment firms, and some regimes, such as the EU’s Digital Operational Resilience Act (DORA) and the UK’s Critical Third Party Regime, have broadened the focus to encompass critical third-party providers as well. 
 

On Tuesday 15 October 2024, a panel of senior Freshfields lawyers participated in a live webinar in which they discussed the changing regulatory landscape for financial institutions and what firms can do to navigate the upcoming changes in their jurisdictions and across borders. Participants included Claire Harrop, a regulatory partner in our London office; Daphne van der Houwen in Amsterdam; Nariné Atamian in New York; and Matt O’Callaghan, a partner in our Hong Kong office, who leads our financial services regulatory team in Asia.
 

To access a recording of this webinar, please click here.