International conference on information technology oversight in the financial sector held in Tallinn
On 5-6 May, the Financial Supervision Authority held an international conference in Tallinn devoted to information technology supervision, addressing salient concerns faced by financial sector institutions in providing information security and focusing on risks arising from use of information technology.
IT experts from 20 countries took part in the conference. The conference was organized by the Financial Supervision Authority in cooperation with the Dutch Central Bank.
“Information technology is used to an increasing extent in providing financial services and as a result the technology-related risks are growing as well. Estonia has demonstrated itself as an outstanding IT country through developing new technologies and making effective use of existing technological opportunities. The solutions in use in the financial sector are also of a good calibre and it is the duty of financial supervision authorities to identify which risks must be borne in mind in the case of new solutions,” said member of the Financial Supervision Authority management board Andres Kurgpõld.
On the first day of the conference, experts from Estonia, the Netherlands, Croatia, Norway and the Czech Republic delivered presentations. On the second day, major problems related to IT-related supervision were examined.
“In its presentation, Estonia will emphasize the challenges faced by performing oversight in the information technology sector and will ascertain them through comparative analysis. We have joined the Eurozone, and international financial service groups operate on the Estonian market. The risks in the IT field go beyond state boundaries and the international perspective in exercising IT supervision is the only conceivable model,” said the Financial Supervision Authority’s IT auditor and conference organizer Andro Kull.