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Turning Cyber, Digital Compliance and Risk into opportunities
Cybersecurity, AI governance, and digital resilience are not just checkboxes, they now define corporate longevity. The companies that succeed won't be the ones that merely comply, but the ones that integrate risk into their strategy, using it to fuel innovation, build trust and drive sustainable growth.
Cyber threats are evolving faster than defenses, digital transformations - and disruptions - are reshaping industries almost overnight while artificial intelligence offers a multitude of opportunities. Risk is no longer something to manage - it's something to leverage. Businesses today stand at a crossroads: embrace uncertainty and turn it into a competitive advantage or get left behind by those who do.
With new regulations like the EU AI Act, Digital Operations Regulation Act (DORA) and NIS2 Directive, entities must develop robust governance structures. The EU AI Act emphasizes ethical AI practices and transparency, DORA strengthens digital resilience, and NIS2 enhances cybersecurity across the EU.
Entities need to reassess their approach to governance, third-party risk management, cybersecurity, and data protection. Success lies in integrating risk into strategy, using it to fuel innovation, build trust and drive sustainable growth.
To navigate these complexities, EY Luxembourg has established a Cyber & Digital Risk department. This focused approach enables organizations to safeguard operations and maintain a competitive edge. Risk management and compliance can be used as your catalysts for innovation and transformation.
How EY can help
We have established a dedicated Cyber & Digital Risk team, composed of four leading partners and a taskforce of 50 professionals in different areas. Our services are organized under five key pillars to offer customers end-to-end support.
Our latest thinking
Securing your business: best practices for third-party risk management
In July 2024, a major cybersecurity provider's IT outage affected 8.5 million computers, highlighting the need for robust third-party risk management. This article explores best practices for managing these risks.
Rotating Penetration Testing Providers: A Key to Robust Cybersecurity
In a dangerous cyber threat environment, penetration testing—simulating real-world cyberattacks to identify system weaknesses—has become a cornerstone of effective defense. Yet one critical aspect is often overlooked: regularly rotating the specialized firms that conduct these tests.
Asset Servicers: The challenge with DORA
In response to the challenges imposed by the DORA Regulation, as from 17 January 2025, asset servicers in Luxembourg will need to balance the demands of regulatory compliance with operational challenges. It is essential for these entities to find a balance suited to their size or dependencies in order to ensure their resilience and future success.
Turning Compliance & Risk into Opportunities
With a multifaceted regulatory environment, the art of mastering compliance and risk management is transforming from a mere challenge to a valuable opportunity, fostering innovation and strategic growth.
Data Protection in the AI-driven era
“Digital technologies, cybersecurity, and artificial intelligence are among the main pillars of the innovation ecosystem in Luxembourg,” states the Commission nationale pour la protection des données (CNPD) in its latest annual report.
How will DORA impact the financial sector?
How will DORA impact the financial sector?
As the 17 January 2025 deadline for the Digital Operational Resilience Act (DORA) approaches, financial entities face challenges in compliance, often underestimating the effort required. Here are key insights to dispel common myths:
Digital Operational Resilience Act (DORA)
The Digital Operational Resilience Act (DORA), forms part of the European Commission’s digital finance package, which aims to strengthen the resilience of the EU financial sector. DORA entered into force on 16 January 2023.