Tough new EU cyber rules require banks to ramp up security — but many aren't ready

Tough new EU regulations requiring banks to enhance cybersecurity systems went into effect, but many financial services firms are not fully compliant. The Digital Operational Resilience Act mandates firms and tech suppliers to strengthen IT systems to withstand cyberattacks, with penalties of up to 2% of global revenue for non-compliance. Compliance rates vary among firms, with challenges in interpreting and implementing the complex guidelines.

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