“Proposed Cybersecurity Legislation Expected to Lead to Surge in Reported Data Breaches”

The Compliance Institute predicts that the number of reported data breaches and cybercrime incidents will likely double with the implementation of new European Union cybersecurity laws next year. Financial services firms are gearing up to meet higher standards in response to the EU Digital Operational Resilience Act (Dora), which sets out new rules for protecting against and responding to ICT-related incidents. Compliance Institute chief executive Michael Kavanagh warns that many organizations have a long way to go before they are ready for the new regulations, emphasizing the need for heightened awareness and preparedness. The institute’s research also reveals that a significant number of compliance professionals in financial services organizations believe data protection rules have been breached in their organizations, highlighting the challenges ahead in navigating complex regulatory requirements and upgrading cybersecurity measures.