Moderated by ENC partner, Andrea Kallis Parparinou, the panel discussion featured Michael Ioannou, Chief Information Officer at ENC, Emilios Charalambous – Associate at ENC, and Sofia Savva, Head of Legal & Corporate Governance at Societe Generale Bank Cyprus.

Kicking things off by pinpointing the increase in digitalization and cyber threats, Andrea remarked that “The ever-increasing reliance on tech is directly connected to the increasing risk of exposure to technology and the EU wants to regulate these ICT related risks”, before Emilios Charalambous provided the audience of 100+ legal professionals with the background rationale of DORA coming into play, its current scope and the potential penalties, explaining that “by taking a wide view, we are looking at an act that’s been implemented in an attempt to address the growing cybersecurity risks and operational challenges faced by the financial sector due to digital transformation”.

Michael Ioannou’s technical expertise showcased the key pillars of the act and the considerations that should be kept in mind when dealing with its compliance requirements, and set out the preexisting compliance standards that would support a company’s operations regardless of whether they fall within the scope of the act or not.

The experience of Sofia Savva in the banking industry was a vital addition to the panel, as her perspectives provided insights into the internal thinking process and approach of an established financial entity, remarking that “While banks are making progress, some key challenges remain such as the high implementation costs (investing in new cybersecurity and compliance tools), managing compliance across multiple ICT service providers and regulatory uncertainty.”

Overall, all panelists in combination provided valuable insights and practical advise necessary for the rapidly growing technological regulation industry.

Moving forward, ENC continues to prioritise legal excellence, focusing on delivering strategic advice and innovative solutions. The Summit once again highlighted our commitment to a forward-thinking approach, helping our clients navigate the changing legal landscape whilst planning proactive actions rather just reactive compliance.

For further information or inquiries, please contact Andrea Kallis Parparinou at andrea.kallis@neo.law