Just like the mention of Sarbanes-Oxley elicits groans from IT and financial departments here in the U.S., mention of the European Union's Markets in Financial Instruments Directive (MiFID) causes headaches for business executives in Europe. But if they're not careful, they may be in for more than headaches, warns a Continuity Central piece published today.
The MiFID implementation deadline is November 1, the story says, and very few firms are on track to meet it. Other companies are in such a rush to get ready, they are overlooking the existing security risks that MiFID compliance will reveal or the new ones that the complicated implementation requirements will create. If the companies aren't prepared to address the risks, they could face legal action and/or damage to their reputation.
Keep in mind: