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Information Security (IS)
Understanding Information Security (IS) in Europe and Key Jurisdictions
Information Security (IS) encompasses the policies, procedures, and technologies implemented to protect sensitive data and systems from unauthorized access, cyber threats, and operational disruptions. In Germany, Austria, Switzerland, Luxembourg, and Liechtenstein, IS frameworks ensure the confidentiality, integrity, and availability of information assets while aligning with international standards such as the ISO 270XX-Series and the BSI IT-Grundschutz Kompendium. These frameworks are critical in the financial sector, where regulatory compliance and operational resilience are paramount.
Legal and Regulatory Requirements for Information Security
Financial institutions must adhere to stringent IS requirements established by European and national regulators, supported by globally recognized standards.
European Union
- ECB: The European Central Bank mandates robust IS measures under its supervisory frameworks, emphasizing operational resilience and cybersecurity.
- EBA, EIOPA, ESMA: These European supervisory authorities align IS requirements under the Digital Operational Resilience Act (DORA). DORA focuses on ICT risk management, incident reporting, and operational resilience, supported by Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS).
Germany
- BaFin and Deutsche Bundesbank:
- BAIT (Bankaufsichtliche Anforderungen an die IT) applies to banks, requiring robust IS governance, risk management, and incident response measures.
- VAIT (Versicherungsaufsichtliche Anforderungen an die IT) governs insurers, emphasizing cybersecurity and operational resilience.
- KAIT (Kapitalverwaltungsaufsichtliche Anforderungen an die IT) focuses on investment management companies, ensuring IS compliance and secure ICT operations.
- ZAIT (Zahlungsdiensteaufsichtliche Anforderungen an die IT) targets payment service providers, requiring enhanced IS frameworks to manage ICT and payment-related risks.
- BSI IT-Grundschutz Kompendium serves as a foundational standard for IT security, offering a systematic approach to implementing IS controls.
Austria
- FMA: Austria’s Financial Market Authority enforces IS requirements under the BWG and VAG, ensuring robust cybersecurity and ICT risk management for financial institutions.
Switzerland
- FINMA: The Swiss Financial Market Supervisory Authority outlines IS standards in its Circular 2008/21, requiring institutions to adopt comprehensive risk management and incident response measures in line with international standards.
Luxembourg
- CSSF: The Commission de Surveillance du Secteur Financier enforces IS frameworks under CSSF Circulars 12/552 and 20/750, focusing on ICT governance, cybersecurity, and operational resilience.
Liechtenstein
- FMA: Liechtenstein’s Financial Market Authority aligns IS requirements with European directives, emphasizing governance, incident management, and compliance with global IS standards.
Leitner & Associates‘ Information Security Solutions
We provide tailored IS solutions to help financial institutions meet regulatory requirements and adopt global best practices:
- Audit: Comprehensive assessments of IS frameworks to identify vulnerabilities and ensure compliance with local and international standards.
- Consulting: Strategic guidance for designing, implementing, and optimizing IS policies and controls.
- Training: Custom programs to build IS awareness and expertise among teams.
- Interim Management: Experienced professionals to manage IS functions during transitions.
- Outsourcing: Full-service IS management to ensure operational resilience and regulatory compliance.
Products for Information Security Implementation
From greenfield projects to optimizing existing frameworks, our products support all aspects of IS implementation:
- Commentaries: Expert analysis of IS regulations, including DORA, RTS, and ITS.
- Guidelines: Frameworks for developing robust IS systems.
- Policies: Clear documentation of IS governance, roles, and responsibilities.
- Procedures: Detailed instructions for ICT risk management and incident response.
- Control Plans and Checklists: Tools to monitor compliance with BaFin, FMA, FINMA, and CSSF requirements.
- Reports and Training Certificates: Documentation of IS efforts and validation of expertise.
Why Choose Leitner & Associates for Information Security?
At Leitner & Associates, we specialize in creating IS frameworks that meet the stringent requirements of BaFin (BAIT, VAIT, KAIT, ZAIT), FINMA, CSSF, and FMA, while aligning with the ISO 270XX-Series and BSI IT-Grundschutz Kompendium. Whether implementing from scratch or optimizing existing systems, our solutions are designed to protect your institution’s information assets and ensure compliance.