Olegs Cernisevs
Olegs Cernisevs
Chief Technology Officer Blackcatcard
How will DORA impact the EU fintech landscape ? Financial organisations had to constantly evaluate , manage and hedge their risk tolerance . This meant everything would be much more plan-oriented than action-oriented .
There were events most organisations didn ’ t plan for – from internet or electricity shortages to even cyberattacks as DORA wanted to prevent . Creating a sturdy ICT security practice took time and effort , but it also created business resiliency and stability , which were very important but sometimes easily dismissed .
New regulations always led to challenges , like the MiCA Act , for example , which made crypto platforms just as compliant as any other financial platform . DORA would force management to take a much more proactive stance and constantly stress-test their IT operational resiliency . Conversely , fintech managers had to ensure suppliers and business partners took their IT security seriously with their third-party risk management .
At Blackcatcard , we viewed regulations as challenges to improve our offerings and we wanted to create a robust product our end users would love . We offered a seamless crypto integration into traditional online banking , and for that to happen , we had to be ahead of the curve when it came to regulations and eventually use that fact to stand out .
FINTECH MANAGERS HAD TO ENSURE SUPPLIERS AND BUSINESS PARTNERS TOOK THEIR IT SECURITY SERIOUSLY
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