On August 25, 2020, the Commission de Surveillance du Secteur Financier (CSSF) introduced and published a new circular (CSSF 20/750). This circular is applicable to all credit institutions, all Professionals of the Financial Sector (PFS), all payment institutions, and all electronic money institutions. The main objective is to implement the guidelines of the European Banking Authority EBA/GL/2019/04 relating to the management of risks linked to information and communication technologies (“ICT”) and security.
We’re all human: we make mistakes. Unfortunately, there will always be people trying to take advantage of our mistakes for their own benefit, which can cost our business tremendous financial loss. No matter how sophisticated our cyberdefenses are, how advanced our technologies are, how good our security practices are, we will always be constrained by this human factor.