Digitalization of Finance: Effect or Cause of Programmed Chaos?
Digitalization of Finance: Effect or Cause of Programmed Chaos?

Author(s): Ruxandra RÎMNICEANU
Subject(s): Economy, Law, Constitution, Jurisprudence, Law on Economics, ICT Information and Communications Technologies, EU-Legislation
Published by: Asociatia Romana pentru Asigurarea Securitatii Informatiei
Keywords: cybercrime; data protection and privacy issues; digitalization of the financial services sector; financial ecosystem; operational resilience;
Summary/Abstract: The actual "permacrisis" marks the five transitions that are unfolding simultaneously: a transition in the planet's climate regime, an energy transition, a geopolitical transition, a technological transition and a demographic transition. In this context, all the risks that are around show us that we are dealing with a programmed chaos that might affect the financial ecosystem, also. In this respect, such to avoid a collapse and to strengthen the banking and financial sector, the European entities appreciate that there it is necessary to strengthen the leadership of the EU in the digital domain by promoting inclusive and sustainable digital policies, serving citizens and businesses. Taking into account that the risks of increased exposure to potential cybercrime, operational resilience failures and data protection and privacy issues could have an important impact, the digital transformation must be in line with EU values - the 2030 policy program entitled "The Path to the Digital Decade" and "The Declaration on Digital Rights and Principles in the E.U.".

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