As the Information and communication technology (ICT) and security risks for electronic payment institutions in Lithuania are increasing due to the fact that the financial sector is increasingly digitalizing there are various electronic money institution security risks in Lithuania.

The European Banking Authority (EBA) has published the guidelines of ICT and security risk management for electronic money institutions in Lithuania to tackle their security risks. Generally, there a variety electronic money institutions security risks in Lithuania and EU, therefore, all electronic money institutions that pose security risks must assess the main risks involved in their day-to-day functioning and must maintain an up-to-date inventories of the electronic money institution functions, supporting processes and information assets as well as to classify them in terms of criticality, based on confidentiality, integrity and availability of data.  It is essential for each electronic money institution to have developed strategy in order to mitigate all security risks that may arise for an electronic money institution.

It is advisable that each electronic money institution in Lithuania and in other EU countries in the use of third party providers have implemented appropriate information security measures such as – cybersecurity requirements, specifications of the financial institution’s data life cycle, data encryption, network security, location of data centers, as well as to include specific and clear incident handling procedures in case any cybersecurity threat has arisen and electronic money institution has a security risk.

It is vital for all electronic money institutions in Lithuania and EU that pose security risks to implement crisis communication in the event of disruption or emergency and during the implementation of the BCPs, financial institutions should ensure that they have effective crisis communication measures in place so that all relevant internal and external shareholders, including the competent authorities are ready to take action in case electronic money institution has become the target of cyberattack.

Gencs Valters Law Firm assists electronic money institutions in Lithuania/EU and all around the world to implement relevant ICT and security risk legal management measures in order to prevent electronic money institutions to be targets of cyber security risks and to be legally prepared to take action in case any of the risks have arisen.

To find out more detailed information or should you need to receive specific information regarding the electronic money institution security risks in Lithuania/EU, do not hesitate to contact our electronic money institution security risk lawyers in Lithuania/EU at valters.gencs@gencs.eu , info@gencs.eu , +371 67240090.