Publication date: February 27, 2023
“New times, new threats”. With this motto we can contextualize the outlook of the latest regulation on cybersecurity in the European Union, the NIS2 Directive. It substitutes NIS1 Directive, the previous EU cybersecurity rules from 2016. This one was reviewed at the end of 2020 and as a result of this review, the proposal for a Directive on measures for high common level of cybersecurity was presented by the Commission on 16th December 2020. The review showed that NIS1 had certain limitations. In a more digital society, new threats that were previously unnoticed or non-existent appear, and the old regulations, although they provided certain guarantees, are now obsolete. In particular, the Commission highlighted these main issues:
- Insufficient level of cyber resilience of businesses operating in the EU;
- Inconsistent resilience across Member States and sectors;
- Insufficient common understanding of the main threats and challenges among Member States;
- Lack of joint crisis response.
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Publication date: February 27, 2023
KIELTYKA GLADKOWSKI KG Legal has experience in preparing Affidavits in various fields for the purposes of court proceedings, mostly in cross border cases.
The Affidavit is a written statement that is made under oath. It is made by a party or witness before a person authorized to make such a statement, for example a solicitor, lawyer or court. It can also be prepared by an expert – a lawyer. It is to confirm that, to the best knowledge of the person making the statement, certain facts are true. The Affidavit form is comparable to witness statements, but must include an oath clause. This is a special type of report, which aims to establish facts signed by authorized persons, under the sanction of liability for false testimony, if the untruth was made knowingly, intentionally and concerned a significant issue.
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Publication date: February 27, 2023
Neobanks are online-only financial institutions, similar to banks. Neobank’s offerings tend to be more limited compared to traditional banks – sometimes it is not more than a simple checking and savings account. Such a slimmed-down model often allows neobank customers to enjoy lower fees and higher than average interest rates.
Neobanks are companies that deal with financial technology. Their offer is only financial online services. They have no physical branches. Neobanks are attractive to technology-savvy customers who do not mind performing most banking operations via a mobile application. Such institutions do not integrate new technologies solely for the sake of being innovative. By getting rid of physical branches and moving everything online, neobanks often save on costs, allowing them to cut fees and expand services.
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Publication date: February 27, 2023
On Monday, February 27, 2023 our law firm had the pleasure to take active part in the webinar devoted to Climate change and how it affects legal practices, organized by the European Lawyers Foundation. The experts that formed the roundtable were Dominique Attias from the ELF, Jean-Marc Gollier from CCBE, Vesselina Haralampieva from the European Bank of Reconstruction and Development, Tiffanie Chan from the Grantham Research Institute on Climate Change and the Environment; and Jonathan Goldsmith from ELF.
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Publication date: February 24, 2023
What is DORA and what is its purpose?
Digital Operational Resilience Act is one of the elements of the EU legislative package on digital finance, which aims to update the regulatory environment in the area of financial technologies, as well as to harmonize processes and standards of digital resilience in the entire sector, with particular emphasis on increasing resistance to upcoming cyberattacks in the financial sector, which over time are becoming more sophisticated and problematic. DORA aims to harmonize incident classification and reporting processes. Early incident detection and timely response are key. It is necessary to adapt to the new EU reporting rules, as well as adapt internal processes to optimize the allocation of resources.
The Regulation was designed to ensure that the operations of the European Union’s financial sector are able to withstand cyberattacks and operational threats, which means that institutions are to be able to stop or counteract cyberattacks by implementing best practices, such as data protection and planning future responses to such dangers. The Regulation thus introduces a number of harmonized obligations for entrepreneurs from the broadly understood financial market and entities providing ICT services to them (e.g. collecting, processing and transmitting information).
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