The European Union has an unusual IT strategy.
While the US prioritizes the development of globaltechgiants, the EU focuses on becoming the sectors leading regulator.
Analysts expect the regulatory drive to accelerate next year.
All expect significant changes in legislation, with certain technologies particularly prominent in their forecasts.
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The recently-adopted regulation aims to harmonize the financial sectors approach to cybersecurity.
This may be costly in the short term, butLewandowskiis optimistic that it will pay off.
He expects levels of security to increase, thereby limiting attacks, reducing downtime, and saving cash.
Within the highly sensitive information that the financial sector holds, this is incredibly important.
Its never too soon to be aware.
Another proposal working its way through the EU is the Cyber Resilience Act.
The legislation is currently going through a consultation process.Lewandowskirecommends organizations keep a close eye on its progress next year.
However, it is never too soon to be aware of upcoming changes.
Regularly monitoring for updates will ensure that businesses are prepared for the changes in good time.
Indeed, these preparations could become increasingly crucial.
Calder predicts new EU rules to be accompanied by stricter enforcement.
According toa global survey by Accenture, the rules will have a deep impact.
Some 95% of respondents said at least part of their business will be affected by the EU regulations.
Accentures researchers expect a risk management framework to become necessary for compliance with the AI Act.
That timetable, however, may be less generous than it appears.
Our experience working with large organizations on major enterprise-wide compliance programs (e.g.
Cryptocurrencies are becoming a focal point of tech regulation.
In the EU, a growingrange of controversieshas led the bloc to develop new legislation for the sector.
Liljeqvist highlights the importance of the Market in Crypto Assets (MiCA) bill.
The proposals could become integral to the European Commissionsfuturedigital finance strategy.
In addition, they may provide a reference point for other regulatory bodies.
They must move at a faster pace.
Some critics, however, argue that the EU needs to be quicker to regulate the sector.
Industry insiders have high hopes for the review, which is slated for 2023.
They believe it could lead European SMEs and consumers to receive better payment outcomes at a better price.
Under the current rules, only credit institutions can access European payment schemes.
As a result, non-banks and more innovative firms must go through traditional banks to benefit from the schemes.
Indeed, many of the experts we spoke to expect the EU to prioritize open access.
Story byThomas Macaulay
Thomas is the managing editor of TNW.
He leads our coverage of European tech and oversees our talented team of writers.
Away from work, he e(show all)Thomas is the managing editor of TNW.
He leads our coverage of European tech and oversees our talented team of writers.
Away from work, he enjoys playing chess (badly) and the guitar (even worse).
