{"id":8477,"date":"2024-12-30T12:15:24","date_gmt":"2024-12-30T11:15:24","guid":{"rendered":"https:\/\/lei.net\/?p=8477"},"modified":"2024-12-30T12:15:24","modified_gmt":"2024-12-30T11:15:24","slug":"strengthening-cyber-security-why-the-legal-entity-identifier-lei-is-becoming-indispensable","status":"publish","type":"post","link":"https:\/\/lei.net\/in\/news\/strengthening-cyber-security-why-the-legal-entity-identifier-lei-is-becoming-indispensable\/","title":{"rendered":"Strengthening cyber security: Why the Legal Entity Identifier (LEI) is becoming indispensable"},"content":{"rendered":"\n<p>Digital transformation is rapidly changing the global economy, but it also brings with it growing risks. Cyberattacks are becoming more frequent and sophisticated and pose a serious threat to companies that rely on complex supply chains and digital networks. In this context, the Legal Entity Identifier (LEI) is coming into the spotlight as a crucial tool to ensure trust and security in digital ecosystems.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The growing threat of cyber attacks<\/strong><\/h2>\n\n\n\n<p>Cybercriminals are increasingly targeting the financial sector, heavily dependent on external IT service providers. According to a report by the  <strong><em><a href=\"https:\/\/www.imf.org\/en\/Home\">International Monetary Fund<\/a><\/em><\/strong>  (IMF), cyberattacks on financial institutions have caused direct losses of over 12 billion dollars in the last 20 years. Since the COVID-19 pandemic, the number of such attacks has even doubled. This threat is growing in frequency and complexity, which poses challenges for companies and authorities alike.<\/p>\n\n\n\n<p>Strong networking and dependence on a few large providers, for example, in cloud computing, increase the risk of far-reaching system failures. Therefore, it is essential that companies and supervisory authorities can clearly identify external service providers and better manage their risks.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The LEI: a global standard for greater transparency<\/strong><\/h2>\n\n\n\n<p>This is where the Legal Entity Identifier (LEI) comes into play. The LEI is a globally unique identifier for companies that creates transparency and helps organisations monitor their supply chains better. The LEI offers several advantages:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">clarity on corporate linkages<\/h3>\n\n\n\n<p>The LEI allows disclosure of complex corporate structures. Thus, financial institutions can recognise links between service providers and better assess potential risks.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">efficient data integration<\/h3>\n\n\n\n<p>The LEI connects different data sources, such as commercial registers and financial institutions, enabling seamless integration and analysis.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">automation and digital processes<\/h3>\n\n\n\n<p>Companies can easily integrate the LEI into existing systems thanks to modern digital tools and APIs. This saves time and minimises errors.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">support for compliance and reporting<\/h3>\n\n\n\n<p>Using the LEI simplifies compliance with legal requirements and enables standardised reporting to all relevant parties in the event of incidents.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>A global approach for greater security<\/strong><\/h2>\n\n\n\n<p>The  <strong><em><a href=\"https:\/\/www.eiopa.europa.eu\/digital-operational-resilience-act-dora_en\">European Digital Operational Resilience Act <\/a><\/em><\/strong> (DORA) has already created a pioneering framework to regulate the financial sector&#8217;s dependence on IT service providers. However, this issue does not only affect banks and insurance companies: Other critical infrastructures such as healthcare, energy supply and the transport sector can also benefit from a standardised approach such as the LEI.<\/p>\n\n\n\n<p>By establishing the LEI as a global standard, companies worldwide can strengthen their cyber resilience, better manage risks and promote trust in digital business models.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Digital transformation is rapidly changing the global economy, but it also brings with it growing risks. Cyberattacks are becoming more frequent and sophisticated and pose a serious threat to companies that rely on complex supply chains and digital networks. In this context, the Legal Entity Identifier (LEI) is coming into the spotlight as a crucial [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-8477","post","type-post","status-publish","format-standard","hentry","category-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Strengthening cyber security: Why the Legal Entity Identifier (LEI) is becoming indispensable - LEI.net<\/title>\n<meta name=\"description\" content=\"Digital transformation is rapidly changing the global economy, but it also brings with it growing risks. Cyberattacks are becoming more frequent and\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lei.net\/in\/wp-json\/wp\/v2\/posts\/8477\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Strengthening cyber security: Why the Legal Entity Identifier (LEI) is becoming indispensable - LEI.net\" \/>\n<meta property=\"og:description\" content=\"Digital transformation is rapidly changing the global economy, but it also brings with it growing risks. Cyberattacks are becoming more frequent and\" \/>\n<meta property=\"og:url\" content=\"https:\/\/lei.net\/et\/news\/strengthening-cyber-security-why-the-legal-entity-identifier-lei-is-becoming-indispensable\/\" \/>\n<meta property=\"og:site_name\" content=\"LEI.net\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-30T11:15:24+00:00\" \/>\n<meta name=\"author\" content=\"Sabine Schiefl\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sabine Schiefl\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/lei.net\/et\/news\/strengthening-cyber-security-why-the-legal-entity-identifier-lei-is-becoming-indispensable\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/lei.net\/et\/news\/strengthening-cyber-security-why-the-legal-entity-identifier-lei-is-becoming-indispensable\/\"},\"author\":{\"name\":\"Sabine Schiefl\",\"@id\":\"https:\/\/lei.net\/#\/schema\/person\/3b9f4c9189a79ac0d2cdece6badcfe0e\"},\"headline\":\"Strengthening cyber security: Why the Legal Entity Identifier (LEI) is becoming indispensable\",\"datePublished\":\"2024-12-30T11:15:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/lei.net\/et\/news\/strengthening-cyber-security-why-the-legal-entity-identifier-lei-is-becoming-indispensable\/\"},\"wordCount\":423,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/lei.net\/#organization\"},\"articleSection\":[\"News\"],\"inLanguage\":\"en-IN\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/lei.net\/et\/news\/strengthening-cyber-security-why-the-legal-entity-identifier-lei-is-becoming-indispensable\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/lei.net\/et\/news\/strengthening-cyber-security-why-the-legal-entity-identifier-lei-is-becoming-indispensable\/\",\"url\":\"https:\/\/lei.net\/et\/news\/strengthening-cyber-security-why-the-legal-entity-identifier-lei-is-becoming-indispensable\/\",\"name\":\"Strengthening cyber security: Why the Legal Entity Identifier (LEI) is becoming indispensable - LEI.net\",\"isPartOf\":{\"@id\":\"https:\/\/lei.net\/#website\"},\"datePublished\":\"2024-12-30T11:15:24+00:00\",\"description\":\"Digital transformation is rapidly changing the global economy, but it also brings with it growing risks. 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