Predrag Miladinović, Vice President of the Financial Services Committee of the Foreign Investors Council of Serbia (FIC) and Managing Partner at VP Law Firm, participated as a panelist at the Belgrade Economic Forum held October 29^th to 30^th, 2024, as part of the panel “Cybersecurity and Data Protection: A Powerful Duo”.

Predrag underlined the importance of the EU’s first Regulation on Artificial Intelligence, which introduces rules on the use of AI in high-risk sectors such as finance, as well as the Draft Directive on Liability for Damages Caused by Artificial Intelligence, which includes a rebuttable presumption of causality that would ease the burden of proof for victims in establishing harm caused by AI systems. The adoption of this Draft Directive would ensure an equal level of protection for individuals harmed by AI systems as for those affected by other technologies.

He warned that, according to research by the World Economic Forum, 2024 could be a record year for the number of data breach incidents, and reflected on the increasingly frequent cases of confidential data leaks, both worldwide and in the region. In this regard, he emphasized the importance of involving non-bank financial institutions, such as leasing and factoring companies, in the work of FIN-CSIRT, the Center for Incident Prevention in the Financial Institutions’ Information and Communication Systems, to collectively strengthen the financial sector’s resilience to cyber threats. This CERT has also developed a platform for information and knowledge sharing among its members, which is extremely valuable today as AI technologies evolve at a rapid pace.

In conclusion, he stated that, in addition to strengthening the legal framework, working on cybersecurity prevention is crucial, and enhancing security levels and rigorous software checks are of utmost importance. Additionally, as cyber threats such as phishing and deepfake traps continue to evolve daily, he emphasized the need for collaboration with the private sector to educate employees and raise awareness of these threats to detect and stop cyber-attacks in their earliest stages.