The KPMG Cyprus Audit Committee Institute (ACI) hosted a presentation aiming to inform the presidents of audit committees of local banking institutions and insurance entities with regards to the evolving digital landscape and Cyber Security challenges, the upcoming General Data Protection Regulation ("GDPR") and the use of Cloud technology.
On the 23rd of October, the KPMG Cyprus Audit Committee Institute (ACI) hosted a presentation at KPMG’s premises in Nicosia, aiming to inform the presidents of audit committees of local banking institutions and insurance entities with regards to the evolving digital landscape and Cyber Security challenges, the upcoming General Data Protection Regulation ("GDPR") and the use of Cloud technology.
During the presentations it was emphasized that cyber-attacks are increasingly growing, creating huge operational, regulatory and financial risks, especially to those entities possessing vast volumes of personal customer information.
Mr. Andreas Christofides, Managing Director of KPMG in Cyprus and Mr. Panayiotis Peleties, Board Member and Chairman of KPMG Cyprus ACI, welcomed the attendees on behalf of the Firm and the Institute, respectively.
Mr. George Tziortzis, Board Member and Head of Management Consulting at KPMG in Cyprus, presented the developments in the digital world and the challenges the Cyber Security field entails. Among others, Mr. Tziortzis stressed that "the advanced digital technology is what we are experiencing every day in our lives and it is not just in our imagination anymore. Technology- driven challenges and opportunities need to be evaluated very carefully".
Mr. Stylianos Christoforou, Lawyer, analyzed the provisions of the GDPR and stated: "the regulations for processing and transferring EU citizens' personal data are now tightening more than ever, imposing significant sanctions for non-compliance. This will lead entities to promptly take all necessary actions and measures that would enable them to fully comply with the regulatory requirements, which come into force on the 25th of May, 2018".
On behalf of the Central Bank of Cyprus, Mr. Christos Meletiou, Officer, informed the attendees about the existing directive and the developments with regards to banking supervision relating to the use of the Cloud technology by banking institutions.
Mr. Petros Mavrommatis, Principal and Vice-President of KPMG Cyprus ACI, presented the external auditors' approach in relation to cyber risks and how these risks affect the financial statements audit.
At the end, the participants had the opportunity to raise questions and exchange views in relation to the presentations delivered.