The CSSF and The SnT hand in hand to secure financial data in Luxembourg

The University of Luxembourg’s managing authority: SnT (Centre for Security, Reliability and Trust) has recently signed an agreement with the CSSF, the Financial Sector Supervisory Board of Luxembourg. This partnership is aimed at ensuring the security and processing of financial data thanks to the use of cyber intelligence capabilities.
By signing this agreement, both companies are joining forces to enhance the reputation of Luxembourg – which is already known for its expertise in the financial sector. And help the country in its race to become an international reference centre for innovation and cyber intelligence R&D in the financial world.

The need to provide reliable and secure data

With the rise of financial and cybercrime (+67% in the past five years according to Tech HQ), combined with conjectural factors owing to the digitalised economy, it has become vital to ensure the security and reliability of data. For this reason, the CSSF is facing many challenges.
In order for this agreement to be effective and sufficient, the CSSF has come up with a strategy aimed at increasing vigilance at all times. Through this partnership, the regulatory authority will need to invest in many areas of importance.

A local yet resolutely international collaboration

Though local, this agreement has international implications. Thanks to this partnership, the University of Luxembourg hopes to showcase its know-how and develop partnerships with local enterprises. It is also a golden opportunity to show the world that the university is highly capable and able to help the country’s economic development as well as to develop its reputation with regards to other fields.
According to Bjorn Atternsten, the Managing Director of SnT, “collaborating with the CSSF will make the university more famous than before”. This is most definitely the reason why until now the academic institution has partnered with both local and international institutions and entities. The importance of the university to local enterprises cannot be overemphasised.

A Partnership cited as an example

In the words of Pierre Gremagna, the Minister of Finance in Luxembourg, “the partnership signed between the aforementioned institutions will enable them to conduct research hand in hand”.
Going ahead, he praised the university and expressed the wish that this collaboration with a fintech firm will bring satisfaction and progress, with the potential to shape the future of the country more than ever before. Taking the floor shortly after, the rector of the university assured listeners of his determination to contribute to the country’s economy progress.

Application example: Automated investment fund data processing

The signed agreement was dued to go into effect on the 24th of October and will be conducted in many phases. The first document, entitled Automated Compliance Checking and Query Answering for Fund is to be followed by many more. All these projects are centred on the development of digital intelligence capabilities and improving the processing and handling of data produced by Managers and financial institutions.

A multidisciplinary team to carry out a major project

It goes without saying that for any project of this kind to succeed and deliver appropriate results, each partner needs to fulfil its obligations. During the signing, the parties involved knew very well what they are expected to do in order to ensure a smooth running of the project.
The project implies an interdisciplinary team of Experts in order to maximise the efficiency of the new system: Finance and IT specialists, Cybersecurity Experts and so on.
The supervising board will, therefore, face the need to determine the responsibilities of all the stakeholders involved in this project, alongside controlling that the information and knowledge sharing happens in the right conditions.
Should the project be successful, it will demonstrate the University’s ability to combine academic resources separate from the traditional foundational research, in which academic institutions often find themselves trapped within.

A new frontier for the Fintech

Finally, it is worth mentioning that this project could open possibilities for the Fintech industry, currently dominated by London, to branch out to Luxembourg. In fact, should this project be a success, it would not be surprising to see Fintech startups such as Revolut, N26 and other neobanks to consider a move towards the Grand Duchy.
Additionally, the precarious situation of the United Kingdom linked to the Brexit imbroglio could lead to an increased need for Fintech startups to establish new areas of operation. This was affirmed by Nasir Zubairi in its interview to the Fintech Times, during which he stressed the need to prevent any issues linked to the geopolitical situation of the UK, in order to maintain growth.

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