Baker Tilly South East Europe https://bakertillysee.com/md/ Assurance | Tax | Advisory Thu, 27 Mar 2025 13:12:39 +0000 md hourly 1 https://wordpress.org/?v=6.8.3 https://bakertillysee.com/wp-content/uploads/2024/12/cropped-logo-1-32x32.png Baker Tilly South East Europe https://bakertillysee.com/md/ 32 32 Associate – Accounting Department https://bakertillysee.com/md/insights/associate-accounting-department/ Wed, 26 Mar 2025 10:54:41 +0000 https://bakertillysee.com/?p=62792 The post Associate – Accounting Department appeared first on Baker Tilly South East Europe.

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About Baker Tilly  

Baker Tilly South East Europe is a leading firm of auditors, accountants, tax consultants and business advisors, operating in Cyprus, Bulgaria, Romania, Moldova and Greece. Country offices are independent member firms of Baker Tilly International; one of the Top 10 largest networks in the sector.  

A blend of young graduates and mature professionals create a fresh, innovative and forward-looking working environment. Our people are at the forefront, with the firm nurturing a culture of continuous improvement, collaboration, and inclusion.  

 

Career Opportunities 

We invite applications from ambitious, highly motivated and hard-working individuals to join our office in Chisinau, in the position of Accounting Associate.

 

Duties and Responsibilities 

  • Registration of accounting documents, preparation and registration of analytical statements in accounting.
  • Verification and preparation of the monthly balance and financial statements respecting the deadlines established by the legislation in force.
  • Calculation of company taxes and preparation of all monthly / annual tax and tax reports to the financial administration within the deadlines established by the legislation in force.
  • Preparing and submitting the necessary documentation for obtaining tax authorizations and certificates and representing the company in relation to the tax authorities.
  • Active participation during the annual internal financial audit.
  • Making recordings and reports allocated in the closing process of the month for group reporting.
  • Supporting the month-end and year-end closing process in accordance with local and group procedures to meet deadlines.
  • Providing support during the annual financial audit and in any other situation that may be necessary.
  • Compliance with standard regulations on accounting and taxation laws, as well as the company’s internal procedures.
  • Assist in the provision of accounting services to a portfolio of clients, operating in various sectors and of different sizes.

 

Requirements 

  • Holder or studying towards the AAT (Association of Accounting Technicians) or CAT (Certified Accounting Technician) qualification.
  • Excellent verbal and written communication skills in English, Romanian and Russian.
  • Computer Literacy, with very good knowledge of Microsoft Office suite. 
  • Excellent communication and interpersonal skills. 
  • Attention to detail. 
  • Time management and organizational skills. 

 

Remuneration

A competitive remuneration package will be offered to the successful candidate, according to qualifications and experience.

 

Application Process

If you are interested in joining our firm, please submit your interest by completing our online application here or email to info@bakertilly.md.

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Senior Accountant (Moldova Office) https://bakertillysee.com/md/insights/senior-accountant-moldova-office/ Wed, 26 Mar 2025 10:52:05 +0000 https://bakertillysee.com/?p=62785 The post Senior Accountant (Moldova Office) appeared first on Baker Tilly South East Europe.

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About Baker Tilly  

Baker Tilly South East Europe is a leading firm of auditors, accountants, tax consultants and business advisors, operating in Cyprus, Bulgaria, Romania, Moldova and Greece. Country offices are independent member firms of Baker Tilly International; one of the Top 10 largest networks of the sector.  

A blend of young graduates and mature professionals create a fresh, innovative and forward-looking working environment. Our people are at the forefront, with the firm nurturing a culture of continuous improvement, collaboration, and inclusion.  

 

Career Opportunities

We invite applications from ambitious, highly motivated and hard-working individuals to join our office in Chisinau in the position of Senior Accountant.

 

Duties and Responsibilities

  • Registration of accounting documents, preparation and registration of analytical statements in accounting.
  • Verification and preparation of the monthly balance and financial statements respecting the deadlines established by the legislation in force.
  • Calculation of company taxes and preparation of all monthly / annual tax and tax reports to the financial administration within the deadlines established by the legislation in force.
  • Preparing and submitting the necessary documentation for obtaining tax authorizations and certificates and representing the company in relation to the tax authorities.
  • Active participation during the annual internal financial audit.
  • Making recordings and reports allocated in the closing process of the month for group reporting.
  • Supporting the month-end and year-end closing process in accordance with local and group procedures to meet deadlines.
  • Providing support during the annual financial audit and in any other situation that may be necessary.
  • Compliance with standard regulations on accounting and taxation laws, as well as the company’s internal procedures.
  • Assist in the provision of accounting services to a portfolio of clients, operating in various sectors and of different sizes.

 

Requirements

  • University Degree in Accounting & Finance or related field / Holder or studying towards a professional accounting certificate or qualification (e.g. AAT / ACCA)
  • Excellent verbal and written communication skills in English, Romanian and Russian.
  • Computer Literacy, with very good knowledge of Microsoft Office suite.
  • Excellent communication and interpersonal skills.
  • Attention to detail.
  • Time management and organizational skills

 

Remuneration

Competitive remuneration package will be offered to the successful candidate, according to qualifications and experience.

 

Application Process

If you are interested in joining our firm, please submit your interest by completing our online application here or email to info@bakertilly.md.

 

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Senior Auditor (Chisinau office) https://bakertillysee.com/md/insights/senior-auditor-chisinau-office/ Wed, 26 Mar 2025 10:49:43 +0000 https://bakertillysee.com/?p=62778 The post Senior Auditor (Chisinau office) appeared first on Baker Tilly South East Europe.

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About Baker Tilly

Baker Tilly South East Europe is a leading firm of auditors, accountants, tax consultants and business advisors operating in Cyprus and the Balkans. 27 directors and more than 350 professionals offer services of the highest standards to more than 6.000 businesses, operating both nationally and internationally, across all industries. Baker Tilly South East Europe operates through 7 offices in Cyprus, Bulgaria, Romania, Moldova and Greece. The country offices are independent member firms of Baker Tilly International, which is one of the Top 10 largest business advisory and accounting networks.

 

Career Opportunity

We invite applications from energetic and highly motivated individuals to join our office in Chisinau (Moldova), within the Audit Department.

 

Duties and Responsibilities

  • Provide audit services to local and international clients of various industries and sizes.
  • Oversees the auditor team٫ allocating responsibilities and reviewing the team’s performance
  • Builds confidence in dealing with clients and in building relationships.
  • Liaise with other departments of the firm to provide client support and advice, as required.
  • Maintain excellent business relationships with existing customers, associates, and governmental authorities.
  • Identify client needs and areas of assurance work.
  • Provide training, coaching and support to more junior team members.
  • Ensure compliance with internal policies and procedures.
  • Optimizing the audit process to increase compliance and efficiency.

 

Requirements

  • Bachelor’s and/or Master’s degree in Economics/Mathematics with focus on accounting – ACCA student member is an advantage.
  • 2-4 years of relevant experience in the Audit department of an audit firm.
  • Results orientation and ability to work in a dynamic and team environment.
  • Excellent communication and interpersonal skills.
  • Good planning and organizing skills.
  • Pro-active in developing technical knowledge and understanding of current accounting and audit regulations and issues.
  • Excellent verbal and written language skills in both Romanian and English.
  • Computer literacy, with very good knowledge of Microsoft Office Suite.

 

What is in it for you?

  • Support in international certification (ACCA), including extra vacation days for examination studies.
  • International platform of training.
  • Meal allowances.
  • Coaching and mentorship.
  • International team experience.

 

Remuneration

A competitive remuneration package will be offered to the successful candidate, according to qualifications and experience.

 

Application Process

If you are interested in joining our firm, please submit your interest by emailing to info@bakertilly.md.

 

Baker Tilly is an equal opportunities employer

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Audit Associate (Chisinau Office) https://bakertillysee.com/md/insights/audit-associate-chisinau-office/ Wed, 26 Mar 2025 10:46:33 +0000 https://bakertillysee.com/?p=62771 The post Audit Associate (Chisinau Office) appeared first on Baker Tilly South East Europe.

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About Baker Tilly

Baker Tilly South East Europe is a leading firm of auditors, accountants, tax consultants and business advisors, operating in Cyprus, Bulgaria, Romania, Moldova and Greece. Country offices are independent member firms of Baker Tilly International, one of the Top 10 largest networks of the sector.

A blend of young graduates and mature professionals create a fresh, innovative and forward-looking working environment. Our people are at the forefront, with the firm nurturing a culture of continuous improvement, collaboration and inclusion.

 

Career Opportunity

We invite applications from energetic and highly motivated individuals to join our office in Chisinau (Moldova), in the position of Audit Associate.

 

Duties and Responsibilities

  • Participates in the conduct of an audit engagement under supervision and may be responsible for undertaking small non-complex audits.
  • Assists with audit planning procedures including audit tests using the firm’s audit methodology.
  • Completes allocated tasks to a high standard which meet set reporting and auditing standards.
  • Maintaining excellent professional relationships with clients.
  • Liaising with other departments of the firm to provide client support and advice, as required.
  • Ensuring compliance with relevant internal and external quality standards and procedures.

 

Requirements

  • Bachelor’s and/or Master’s degree in Economics//Mathematics with focus on accounting – ACCA student or member is an advantage.
  • Relevant experience in audit and/or accounting will be considered an advantage.
  • Excellent verbal and written language skills in both English and Romanian.
  • Good communication, interpersonal, planning and organization skills.
  • A team player, but also able to work individually and be a self-starter with a proactive approach.
  • Reliability٫ productivity٫ and attention to detail.
  • PC literate with good knowledge of Microsoft Office and accounting applications.

 

What is in it for you?

  • Support in international certification (ACCA), including extra vacation days for examination studies.
  • International platform of trainings.
  • Meal allowances.
  • Coaching and mentorship.
  • International team experience.

 

Remuneration

A competitive remuneration package will be offered to the successful candidate, according to qualifications and experience.

 

Application Process

If you are interested in joining our firm, please submit your interest by emailing to info@bakertilly.md.

 

Baker Tilly is an equal opportunity employer.

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HR and Office Administrator https://bakertillysee.com/md/insights/hr-and-office-administrator/ Wed, 26 Mar 2025 10:44:33 +0000 https://bakertillysee.com/?p=62763 The post HR and Office Administrator appeared first on Baker Tilly South East Europe.

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About Baker Tilly

Baker Tilly South East Europe is a leading firm of auditors, accountants, tax consultants and business advisors, operating in Cyprus, Bulgaria, Romania, Moldova and Greece. Country offices are independent member firms of Baker Tilly International; one of the Top 10 largest networks of the sector.

A blend of young graduates and mature professionals create a fresh, innovative and forward-looking working environment. Our people are at the forefront, with the firm nurturing a culture of continuous improvement, collaboration and inclusion.

 

Career Opportunities

We invite applications from ambitious, highly motivated and hard-working professionals to join our Moldova office as HR and Office Administrator.

 

Duties and Responsibilities

  • Manage day-to-day office operations, ensuring a smooth and efficient workplace.
  • Handle employee records, benefits administration, and HR compliance.
  • Coordinate recruitment processes including job postings, candidate screening, and scheduling interviews.
  • Facilitate new employee onboarding and training programs.
  • Assist in the development and implementation of HR policies and procedures.
  • Oversee office supplies and maintenance, liaising with vendors and service providers.
  • Support the management team with various administrative tasks and projects.

 

Requirements

  • Proven experience in office administration and HR functions.
  • Strong organizational and multitasking skills.
  • Excellent communication and interpersonal abilities.
  • Knowledge of Romanian and English languages.
  • Proficiency in Microsoft Office Suite (Word, Excel, PowerPoint).
  • Bachelor’s degree in Human Resources, Business Administration, or related field preferred.

 

Remuneration and Benefits

A competitive salary and benefits package will be offered to the successful candidates, depending on qualifications and experience.

  • Food vouchers
  • Telephone allowance

 

Application Process

If you are interested in joining our team, please submit your CV at info@bakertilly.md

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What exactly is a “data breach” and what are the obligations of an organisation? | Article by Constantinos Michael https://bakertillysee.com/md/insights/what-exactly-is-a-data-breach-and-what-are-the-obligations-of-an-organisation-article-by-constantinos-michael/ Wed, 26 Mar 2025 09:48:19 +0000 https://bakertillysee.com/?p=62761 The post What exactly is a “data breach” and what are the obligations of an organisation? | Article by Constantinos Michael appeared first on Baker Tilly South East Europe.

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A data breach in the European Union (EU) is defined under the General Data Protection Regulation (GDPR) as a security incident that leads to the accidental or unlawful destruction, loss, alteration, unauthorized disclosure of, or access to personal data. This can affect the data’s confidentiality (ensuring that it is accessible only to those authorized to access it), integrity (ensuring that it is accurate and complete), or availability (ensuring that it is accessible when needed).

Key Obligations under GDPR in case of a Data Breach:

  1. Notification to Supervisory Authority: If a data breach occurs, and it is likely to result in a risk to the rights and freedoms of individuals (e.g., risk of identity theft, fraud, financial loss, or damage to reputation), the organization must notify the relevant Data Protection Authority (DPA) without undue delay, and no later than 72 hours after becoming aware of the breach. This notification should include the nature of the breach, the categories and approximate number of data subjects affected, the likely consequences of the breach, and the measures taken or proposed to address it.
  2. Notification to Data Subjects: If the breach is likely to result in a high risk to the individuals’ rights and freedoms, the organization must also inform the affected individuals without undue delay. This notification should be clear and explain in plain language the nature of the breach and the steps the individuals should take to protect themselves.
  3. Data Processor’s Obligation: If the organization in question is a data processor (a third-party entity processing data on behalf of another organization), it must notify the data controller (the organization that determines the purpose and means of processing) of the breach. The data controller is then responsible for notifying the DPA and the affected individuals, depending on the severity of the breach.

Examples of Data Breach:

  1. Textile Company Employee Data Breach:
  • Scenario: A textile company’s employee data, including sensitive information such as home addresses, family details, salary information, and medical claims, is inadvertently disclosed.
  • Obligations: Since this breach involves sensitive personal data, the company must notify both the DPA and the affected employees. Sensitive data like health information increases the risk to the individuals, making it imperative to inform them directly.
  1. Hospital Patient Data Breach:
  • Scenario: A hospital employee copies patient details, including highly sensitive health information (e.g., details about cancer, pregnancy), onto a CD and publishes them online. The hospital discovers this breach a few days later.
  • Obligations: Upon discovery, the hospital has 72 hours to notify the DPA. Due to the sensitivity of the data, the hospital must also inform the affected patients. If the hospital had implemented strong security measures like data encryption, it might argue that the risk to patients is lower, potentially exempting it from the requirement to notify them. However, in this case, the failure to prevent such a breach suggests that appropriate measures might not have been in place, necessitating full disclosure.
  1. Cloud Service Provider Data Breach:
  • Scenario: A cloud service provider loses several hard drives containing personal data belonging to its clients.
  • Obligations: The cloud provider must notify its clients immediately. The clients, depending on the sensitivity of the data and the risk posed by the breach, may then need to notify the DPA and the affected individuals. The responsibility to determine the severity of the breach and the need for further notifications lies with the data controllers (the clients), not the cloud service provider.

Preventive Measures:

To mitigate the risk of data breaches, organizations must implement appropriate technical and organizational measures. These might include data encryption, regular security audits, staff training on data protection, access controls, and data minimization strategies. By doing so, they not only reduce the likelihood of a breach but also limit the impact should a breach occur, potentially reducing their obligations under GDPR.

In conclusion, GDPR imposes strict requirements on organizations in the event of a data breach, particularly when sensitive personal data is involved. The regulations ensure that both authorities and individuals are promptly informed so that they can take appropriate measures to protect themselves.

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Doing Business Overseas – Cover Story For Inbusiness Magazine https://bakertillysee.com/md/insights/doing-business-overseas-cover-story-for-inbusiness-magazine/ Mon, 29 Apr 2024 14:06:53 +0000 https://bakertillysee.com/2024/04/29/doing-business-overseas-cover-story-for-inbusiness-magazine/ Απο τα πρώτα χρόνια των δραστηριοτήτων της υπό τη διεύθυνση του Μάριου Κλείτου, η επιχείρηση κατάφερε να προσελκύσει στην Κύπρο μεγάλες ελληνικές εταιρείες που είχαν επενδύσει στη Ρουμανία και τη Βουλγαρία. Το γεγονός αυτό ώθησε την ηγεσία της επιχείρησης να τις ακολουθήσει στις δυο αυτές βαλκανικές χώρες: «Επρόκειτο τότε για δύο υπό ένταξη στην ΕΕ…

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Απο τα πρώτα χρόνια των δραστηριοτήτων της υπό τη διεύθυνση του Μάριου Κλείτου, η επιχείρηση κατάφερε να προσελκύσει στην Κύπρο μεγάλες ελληνικές εταιρείες που είχαν επενδύσει στη Ρουμανία και τη Βουλγαρία. Το γεγονός αυτό ώθησε την ηγεσία της επιχείρησης να τις ακολουθήσει στις δυο αυτές βαλκανικές χώρες: «Επρόκειτο τότε για δύο υπό ένταξη στην ΕΕ κράτη, δεδομένο το οποίο παρείχε μια εγγύηση τόσο για την περαιτέρω ανάπτυξή τους όσο και για την ευόδωση των δικών μας προσπαθειών στο επιχειρηματικό τους πεδίο», εξηγεί ο Σάββας Κλείτου. Κάπως έτσι δημιουργήθηκε το 2001 η πρώτη θυγατρική εταιρεία στο εξωτερικό και συγκεκριμένα στη Ρουμάνια, ενώ το 2003 η επιχείρηση έγινε μέλος του διεθνούς δικτύου Baker Tilly, καθιστώντας τη χρονιά ορόσημο την ιστορία της. Σε μια γρήγορη διαδοχή των γεγονότων, το 2005 οι εργασίες επεκτάθηκαν στη Βουλγαρία και το 2007 στη Μολδαβία. Η τελευταία επέκταση ήταν εκείνη της Ελλάδας το 2017. «Όλες οι αγορές έχουν τις ιδιομορφίες τους, διαφορετικές αντιλήψεις και κουλτούρα, η οποία επηρεάζει τον τρόπο με τον οποίο υποδέχονται τους ξένους επενδυτές. Μπορώ να πω ότι η αντιμετώπιση ήτανε πολύ θετική σε όλες τις χώρες που δραστηριοποιούμαστε».

Οι υπηρεσίες της επιχείρησης στο εξωτερικό είναι οι ίδιες με αυτές που προσφέρονται στην Κύπρο και με μικρές μόνο παραλλαγές σε θέματα συμμόρφωσης με τους κανόνες της κάθε αγοράς. Το βασικό πλεονέκτημα της Baker Tilly, σύμφωνα με τον κ. Κλείτου, έγκειται στο ότι μπορεί να προσφέρει υπηρεσίες στις πέντε χώρες μέσω μιας επαφής στη χώρα που θα επιλέξει ο πελάτης (single point of contact). Την ίδια στιγμή, κάθε τμήμα της επιχείρησης σε οποιαδήποτε από τις χώρες, μπορεί να προσφέρει στους πελάτες, κάτω από τη μεγάλη ομπρέλα της Baker Tilly South East Europe, υπηρεσίες που εμπερικλείουν τις εμπειρίες και τις γνώσεις από όλα τα γραφεία της εταιρείας στο region.

Καθώς στρέφουμε τη συζήτηση στις προκλήσεις της επέκτασης με θυγατρικές στο εξωτερικό, ο Σάββας Κλείτου υπογραμμίζει πως η εμπειρία του τον έχει διδάξει δύο πράγματα. Το πρώτο ότι η δυσκολία να δημιουργήσεις κάτι στο εξωτερικό σε σχέση με την Κύπρο, είναι αναλογικά 1:10. Το δεύτερο, ότι η διαχείριση των γραφείων στο εξωτερικό δεν μπορεί να γίνει με τηλεχειριστήριο, πρέπει να είσαι παρών. Κατά τα άλλα, ο ίδιος θεωρεί ότι τα προβλήματα είναι τα ίδια,  ιδικότερα με την παγκοσμιοποίηση και την εξέλιξη της τεχνολογίας. Έτσι και αλλιώς, στην Baker Tilly South East Europe έχουν διαμορφώσει το δικό τους reporting system, που επιτρέπει την επιτυχή λειτουργία και παρακολούθηση των απανταχού δραστηριοτήτων. «Η ψηφιακή μετάβαση έχει κάνει τις διαδικασίες διαχείρι σης ποιότητας και αποτελέσματος πολύ πιο εύκολες και αποδοτικές. Επενδύουμε συνεχώς σε νέες τεχνολογίες και συστήματα με βασικό γνώμονα τη βελτίωση του επιπέδου των υπηρεσιών που προσφέρονται άλλα και την παροχή των καλυτέρων ευκαιριών στον κόσμο μας για να εξελιχθεί». Αξίζει να σημειωθεί ότι η Baker Tilly South East Europe θεωρείται, πλέον, ο βασικός σύνδεσμος για το δίκτυο της Baker Tilly International στα Βαλκάνια και την περιοχή της Ανατολικής Ευρώπης.

Και ποιο είναι το συστατικό της επιτυχίας της; Ο κ. Κλείτου κάνει λόγο για ένα και μοναδικό τρίπτυχο: Η σκληρή δουλειά, ο επαγγελματισμός και η επιλογή της σωστής ομάδας συνεργατών μπορούν να εκτοξεύσουν στα ύψη τις δραστηριότητες μιας επιχείρησης.

Πηγή: https://inbusinessnews.reporter.com.cy/inb.imh.com.cy.html#/reader/51017/1803958

 

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Key EU Laws Impacting Businesses In 2024 https://bakertillysee.com/md/insights/key-eu-laws-impacting-businesses-in-2024/ Mon, 29 Apr 2024 13:56:08 +0000 https://bakertillysee.com/2024/04/29/key-eu-laws-impacting-businesses-in-2024/ Three important EU laws that we should look out for in 2024 Article by: Constantinos Michael, Director – Legal Services , Baker Tilly South East Europe Considering that 2023 was the “year of AI”, it seems now that 2024 is already moving to be quite similar. There is great hype about envisaged and proposed legislation…

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Three important EU laws that we should look out for in 2024

Article by: Constantinos Michael, Director – Legal Services , Baker Tilly South East Europe

Considering that 2023 was the “year of AI”, it seems now that 2024 is already moving to be quite similar. There is great hype about envisaged and proposed legislation at EU level for these matters, and organisations are already working on understanding their current (and forthcoming) obligations under these acts, putting in the necessary governance frameworks to meet such obligations which does not seem to be an easy task to handle.

In a nutshell and according to the EU’s legislative agenda, it seems that nearly forty digital sector laws are still in negotiation or planned as initiatives.

We are putting emphasis on three of these laws which seem, based on intense legal writings across the paper and digital worlds, to be considered as having heavy impact on many businesses from 2024 onwards.

NIS2 Directive

The NIS2 directive, or the Network and Information Systems Directive 2, is a European Union directive aimed at enhancing the cybersecurity and resilience of critical infrastructure and digital services. NIS2 repeals and replaces the NIS1 Directive and is designed to harmonise the approach to cybersecurity among EU member states. Some important points of the directive (coming into force in October 2024), which broadens the scope of the previous Directive, include:

Scope: It applies to operators of essential services (OES) in sectors such as energy, transport, banking, financial market infrastructures, health, water supply, and digital infrastructure, as well as to digital service providers (DSPs) such as cloud computing services, online marketplaces, and search engines. In certain cases (in the “essential” and “important” sectors) it will apply regardless of the organization’s size, and it will also apply to medium and large entities (i.e., those with less than 250 employees and an annual turnover below €50 million) in those sectors. Small entities — those with less than 50 employees and annual turnover below €10 million — are largely exempt, unless the entity is important to the functioning of the EU member state.

Obligations: OES and DSPs are required to implement risk management measures, report incidents to national authorities, and adhere to security and incident notification requirements. New enhanced obligations will relate to cybersecurity, governance and incident management.

Cooperation and coordination: Member States are encouraged to cooperate and coordinate with each other to ensure effective implementation and response to cybersecurity incidents.

Supervisory authorities: Each Member State is required to designate one or more competent national authorities to oversee compliance with the directive and handle incident response. For a breach of its reporting obligations, an essential organization could receive a maximum fine of the greater of €10 million or 2% of worldwide annual turnover for the previous financial year, while fines for important entities can be up to the greater of €7 million or 1.4% of worldwide annual turnover.

DORA

The Digital Operational Resilience Act (DORA) is part of the EU’s Digital Finance Package, which is a bloc-wide cybersecurity regulatory initiative for the financial services sector and aimed to come into force early 2025.

Scope: DORA applies to a wide range of entities, including credit institutions, investment firms, central counterparties, central securities depositories, data providers, cloud computing service providers, and more. It covers both financial entities and digital service providers.

Objectives: DORA aims to ensure the continued provision of critical services in the digital sector and enhance the overall operational resilience of financial entities. It focuses on preventing and mitigating cyber incidents, ensuring robust incident response capabilities, and enhancing coordination among relevant authorities. Its main obligations can be grouped in (a) governance and controls, (b) ICT risk management, (c) incident reporting and (d) third party contracting.

Cyber Resilience Act

The Cyber Resilience Act (CRA) seeks to set European-wide cybersecurity compliance standards for digitised products that are manufactured / sold in the EU. The law was agreed by the EU legislative bodies in November 2023; it will likely be passed early next year and take effect in 2025.

The CRA puts requirements on manufacturers to protect European consumers against cybersecurity risks and report vulnerabilities within 24 hours and obligations on manufacturers, importers and distributors to ensure products meet high cyber security standards. These include undertaking risk and conformity assessments, ensuring that the products they import bear CE markings and contain other transparency information.

Penalties under the CRA are similar to the GDPR provisos. A manufacturer that doesn’t meet its obligations can be subject to a fine of up to the higher of €15 million or 2.5% of total worldwide annual turnover. Other infringements can lead to similar fines up to a percentage of global annual revenue. If incorrect, incomplete or misleading information is given to authorities in response to a request, fines may once more be imposed.

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