BaFin Comments on Requirements of IT Compliance for Financial Service Providers

The German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) recently commented on the ever increasing relevance of IT-security and IT-compliance for financial service providers. Within the comments, BaFin referenced new legal requirements as well as  new guidance. Over the last couple of days, BaFin also launched a public consultation on its draft guidance regarding supervisory requirements on IT-infrastructure. Legal framework Due to the increased risk for and occurrence of cyber-attacks new statutory requirements for…