Irish Regulator Focuses On Shielding Customers From IT Risk
Law360, London (March 29, 2021, 4:53 PM BST) -- The Central Bank of Ireland said on Monday that it will sharpen its focus on protecting consumers as lenders and insurers accelerate the use of technology in their daily dealings with customers, including a requirement for documented responses to incidents.
New digital products have made access to financial services easier, but technological advances can also create risks for consumers and investors, the regulator said. Emerging tech services typically include electronic payment apps or digital banking services: the COVID-19 pandemic means these products are being used more in daily life.
"Cybercrime threats and inadequate information technology systems can lead to errors in fees...
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