Financial Crime World

Cybercrime on the Rise in Monaco’s Finance Industry as Experts Gather for Unprecedented Meeting

Monaco Hosts Major Cybersecurity Summit

The Principality of Monaco is currently playing host to a major cybersecurity summit, bringing together nearly 3,000 experts and 174 partners from around the world. The meeting, which began on Wednesday and runs until Saturday, aims to tackle the growing threat of cybercrime in the finance industry.

Top Digital Security Names Attend

Among the attendees are some of the biggest names in digital security, including:

  • KPMG
  • Lutessa
  • Monaco Cloud
  • Monaco Telecom
  • MVE
  • Pinappli - powered by Luxtrust
  • PWC
  • Telis

These experts specialize in providing advice, services, and support to government entities, vital operators, and businesses looking to integrate cybersecurity into their digital transformation projects.

Minister Stresses Importance of Regulatory Alignment

In his opening address, Minister of State Pierre Dartout stressed the importance of aligning Monaco’s regulatory framework with the European Directive on digital security. “We want to guarantee that exchanges between the Principality and the EU are carried out under the same conditions of security as in the internal market of the European Union,” he said.

SMEs Face Significant Challenge

However, Dartout also acknowledged the significant challenge facing small and medium-sized enterprises (SMEs) in Monaco’s finance industry. According to ANSSI’s 2022 overview of cyberthreats, VSEs and SMEs were the most affected by ransomware attacks in 2021 and 2022.

Need for Adaptation

With 3,067 Very Small Enterprises, 819 SMEs, and 24 mid-sized companies operating in the principality, Dartout emphasized the need for these structures to adapt to the new regulatory landscape.

Combating Cybercrime: A Major Step Forward

The meeting is seen as a major step forward in combating cybercrime in Monaco’s finance industry, and experts attending the summit are eager to share their knowledge and expertise. As the threat of cyberattacks continues to grow, it is clear that Monaco is taking proactive steps to protect its financial institutions and businesses from this evolving menace.

Conclusion

The cybersecurity summit in Monaco is a significant step towards tackling the growing threat of cybercrime in the finance industry. With top experts in attendance and a focus on aligning regulatory frameworks with European directives, it is clear that Monaco is committed to protecting its financial institutions and businesses from this evolving menace.