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Complementary and Interdependent but not Interchangeable
The EU Artificial Intelligence Act is a comprehensive legal framework that aims to protect fundamental rights while promoting innovation by classifying AI systems according to their level of risk, banning certain types of AI, and imposing obligations on providers and users of high-risk AI systems.
The Federal Act on Information Security in the Confederation (FISIC), which came into force on 1 January 2024, aims to ensure the secure processing of information and the safe use of IT resources by federal and cantonal authorities, private-law companies that support the Confederation and operators of critical infrastructure. In addition, an amendment introduced a reporting obligation for cyber attacks on critical infrastructure, which is expected to come into force on 1 January 2025.
The Digital Operational Resilience Act (DORA) is a European Union regulation that came into force on 16 January 2023 and will apply from 17 January 20251. Its main objective is to improve the IT security of financial institutions, including banks, insurance companies and investment firms. In doing so, DORA aims to ensure that the European financial sector remains resilient even in the face of severe operational disruptions.
Cyber risk management, also known as cybersecurity risk management, is the process of identifying, prioritising, managing and monitoring risks to information systems. In today's interconnected world, organisations rely heavily on information technology for critical business functions. However, this reliance exposes them to various cybersecurity threats, including cybercriminal activity, employee error, natural disasters, and more. These risks can result in lost revenue, data breaches, long-term reputational damage and regulatory fines.
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