Cyprus Business Now: banking, CySEC, gaming, cybersecurity, energy, construction

Cyprus already has a relatively demanding framework for reporting cyber incidents, with a 6-hour early warning deadline and a fuller notification requirement within 72 hours, but the country must ensure its institutions can respond effectively as artificial intelligence accelerates cyber threats, according to a new report by the Digital Cooperation Organisation (DCO). The findings appear in the organisation’s September 2026 edition of DCO Policy Watch, titled ‘Resilience at Machine Speed: National Cyber Defense in the Age of AI‘, which examines how governments can strengthen their defences against increasingly automated attacks and prepare for the eventual transition to quantum-resistant cryptography. The report places Cyprus among jurisdictions with a defined incident-reporting interval in force, noting that its Article 35B requirements establish a tighter initial reporting timeframe than the default under the European Union’s NIS2 Directive. However, it cautions that having a deadline does not automatically mean a country can respond effectively, with the resources, staffing and operational capabilities behind the rules ultimately determining their value. For Cyprus, the broader lesson is that existing reporting requirements should form part of a comprehensive national strategy that connects early warnings to effective incident response, investment in defensive artificial intelligence and preparation for future cryptographic risks. Cyprus has the potential to become a regional innovation hub, but turning that ambition into globally successful companies will require startups to look beyond the domestic market, stronger corporate partnerships and easier access to international customers and investors. In an exclusive interview with the Cyprus Mail, director at Plug and Play Cyprus, Filippos Kyprianou, discussed how the global innovation platform is connecting Cypriot founders with more than 600 corporations across over 60 locations, while helping them develop the commercial skills needed to scale internationally. He also examined the role of local corporate partners, the challenges facing startups and what success should look like over the next five years. The Cyprus Securities and Exchange Commission (CySEC) has urged financial firms and investment managers to follow new European guidance on sustainability claims and prepare for standardised reporting of company ownership information, as part of efforts to improve transparency and consistency across financial markets. In two circulars issued this week, the regulator highlighted European Securities and Markets Authority (ESMA) guidance on sustainability-related claims and a new European Union regulation setting common formats for reporting beneficial ownership information. In the first circular, CySEC drew the attention of regulated entities to 2 new thematic notes published by ESMA on October 12, 2026, covering impact claims and transition claims linked to sustainability. The guidance follows an earlier circular, C752, which informed regulated entities about ESMA’s second thematic note, focusing on environmental, social and governance (ESG) strategies. The second circular concerns a new EU regulation establishing common formats for submitting information about beneficial ownership, meaning the individuals who ultimately own or control companies and other legal entities. Minthis has announced a €6 million investment in improvements to its golf course and clubhouse in Paphos, aiming to enhance playing conditions, improve water management and upgrade facilities for members, guests and visitors. The programme includes a completely redesigned irrigation system, extensive bunker renovations and a series of clubhouse enhancements, marking the next stage in the development of the award-winning golf and lifestyle destination. The investment reflects Minthis’ commitment to upgrading its facilities and infrastructure while preserving the resort’s natural environment, character and heritage. At the centre of the project is a redesigned irrigation system, designed by Irritech and installed by Pro Golf Group, which has been engineered to provide comprehensive coverage across the golf course. Deposits in Cyprus increased by €697.1 million in September 2026, while total loans rose by €857.80 million, with the Central Bank of Cyprus (CBC) reporting stronger monthly increases in both categories and an acceleration in annual loan growth. The outstanding amount of total deposits reached €60.2 billion at the end of September, while total loans stood at €29.6 billion, according to the CBC’s latest monetary and financial statistics, released on Tuesday. The net increase in deposits was substantially higher than the €171.50m recorded in August, although the annual growth rate remained unchanged at 6.5 per cent. Deposits held by Cyprus residents rose by €639.9m during September, with households and non-financial corporations accounting for much of the increase. Household deposits increased by €93.8m, while deposits held by non-financial corporations rose by €373m. Europe needs to rethink its energy strategy as growing renewable energy capacity has failed to deliver the expected reduction in electricity costs and market volatility, former Energy Minister Natasa Pilides told a gathering of maritime and business professionals in Limassol. Speaking at the Cyprus Marine Club’s October Get-Together last week, Pilides examined the challenges facing Europe’s energy sector, arguing that greater flexibility and a more balanced approach are needed to strengthen competitiveness. The event, held at Gazebo Mare in Limassol, brought together more than 100 members, guests and professionals from the maritime, energy and wider business communities. Pilides, who made history as Cyprus’ first Shipping Deputy Minister before serving as Minister of Energy, Commerce and Industry, delivered a presentation entitled The Energy Trilemma: Trade-Offs Shaping the European Landscape. Drawing on her experience in both government and business, she examined the difficult balance between energy security, affordability, sustainability and competitiveness, particularly as Europe continues its transition towards cleaner energy. Cyprus has built a €3.2 billion gaming industry, but the business of keeping players spending is coming under scrutiny as European regulators investigate major publishers and new research raises concerns about teenagers on the island. Not so long ago, buying a video game was a fairly straightforward affair. You paid for it, played until you finished it and, if you particularly enjoyed yourself, bought another. These days, paying for the game can be just the beginning. There are subscriptions, season passes, virtual currencies and downloadable extras, not to mention an impressive number of opportunities to spend another few euros. For publishers, the attraction is obvious. A customer who buys a game once is valuable. One who keeps playing and spending for years is considerably more so. That business model is now attracting the attention of European consumer authorities, particularly when children are involved. The cabinet approved an interior ministry proposal on Tuesday for new regulations on issuing building permits, with the aim of simplifying and modernising procedures. The regulations will be sent to parliament for approval. “This amendment replaces the complicated current system with a simplified, clear and more effective framework,” Interior Minister Constantinos Ioannou said, speaking after the cabinet meeting. Ioannou explained that the amendment abolishes the geographical division of Cyprus into three categories with different cost factors, simplifies the methodology for calculating fees depending on the category of development, gets rid of the graduated charge based on the area for buildings and the division of land into plots, as well as additional charges for external works, clarifies when fees would be paid and lays out specific provisions for refunds. “Our main aim is to reduce complexity, enhance transparency and uniformity, and make procedures faster, to the benefit of citizens, researchers, construction sector professionals and authorities,” he said.