Finance 5.0 – a challenge for cyber security?

Austrian EU Council Presidency conference hosted by the Austrian Federal Chancellery and the Oesterreichische Nationalbank

Cyber threats have increased significantly in the past five years, both in numbers and in scope. Given the high interconnectedness of financial systems and markets, the financial sector is particularly vulnerable to cyber attacks and their potential knock-on effects. It is therefore high time for Member States and the EU to join forces, not only in mitigating systemic cyber risks but also in turning cyber security into a competitive advantage for Europe. The conference “Finance 5.0 – a challenge for cyber security?” brings together policymakers and regulators as well as representatives of businesses and law enforcement authorities to address finance and cyber security issues across sectors and borders.

On the occasion of Austria’s EU Council Presidency “Finance 5.0 – a challenge for cyber security?” – a conference organized jointly by the Oesterreichische Nationalbank (OeNB) and the Austrian Federal Chancellery (BKA) – is held in Brussels on Monday July 16, 2018. Designed as a cross-sectoral event, it aims at breaking down silos and at facilitating the exchange of ideas and opinions among experts, key actors and stakeholders of industry, government, regulation and law enforcement authorities. This conference wants to advance ideas, enable the transfer of know-how and point the way forward in cyber resilience. Ideally, the key takeaways from the conference will also feed into future EU policies geared at balancing security, innovation and regulation.

Finance 5.0 – how to strike the balance between security, innovation and Regulation?

The financial sector has been a driver of technological innovation (upscaling critical market infrastructures like payment systems, developing crypto assets, etc.) while at the same time leading the way in security standards. Digital disruption affects banks´ business models as well as regulatory and legal frameworks; it also renders the financial sector more vulnerable to cyber risks, thus impacting on economic and financial stability.

What are the cyber security priorities of the Austrian EU Council Presidency?

Building on the European Commission’s Cyber Security Package (2017) and the Fintech Action Plan (2018), Austria’s EU Council Presidency will focus on finalizing the Cybersecurity Act and on agreeing on cyber resilience measures in various sectors.

Conference details: Finance 5.0 – a challenge for cyber security?

High-level panel: Cyber resilience and the financial sector – how to reach an EU policy that balances security, innovation and Regulation?

A high-level panel with Austrian State Secretary Karoline Edtstadler, EU Commissioner Sir Julian King, OeNB Governor Ewald Nowotny, NBB Director Tim Hermans and Eva Schulz-Kamm, Senior Vice President and Head of Global Affairs Siemens, will debate strategic policy aspects of cyber resilience in the financial sector and explore what can be done at EU and Member State levels to ensure critical infrastructures, innovation and competitiveness in Europe.

Expert panel I: Cyber technologies – a challenge for regulators and Supervisors?

Experts of the European Commission, the European Central Bank/Single Supervisory Mechanism, the private sector, commercial banks and payment providers will discuss new technologies and the regulatory challenges they entail.

Expert panel II: Cyber security – threats to businesses and state bodies?

A white-hat hacker will challenge Europol, the European Commission, SWIFT and the think tank CEPS on their take on the impact of cyber attacks, cyber intelligence and cyber hygiene on our banking and financial systems and Democracies.