Financial sector technology refers to the application of technological innovations to improve and automate financial services and operations. This broad category includes advancements in areas such as digital payments, algorithmic trading, data analytics, cybersecurity, and blockchain technology. Its purpose is to enhance efficiency, reduce costs, expand access to financial products, and create new financial instruments. The integration of technology transforms traditional banking, investment, and insurance industries.
Context
The rapid evolution of financial sector technology, particularly with the advent of blockchain and digital assets, is a constant subject in economic news and regulatory discussions. Governments and traditional financial institutions are actively exploring or implementing these technologies. This ongoing development presents both opportunities for innovation and challenges related to compliance and systemic stability.
Financial entities must immediately update third-party risk management frameworks to comply with DORA's heightened oversight for designated critical ICT providers.
The DORA compliance deadline necessitates a complete architectural overhaul of ICT risk management, mandating systemic resilience and third-party oversight for all CASPs.
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