The MDIA Launches a Technology Assurance Sandbox

A technological sandbox is an innovative concept which provides a safe environment for individuals or companies developing solutions based on Innovative Technologies, such as Blockchain and Artificial Intelligence or solutions deployed in critical environments, to enable the correct nurturing of such solutions in line with recognised standards. 

 

Alignment in the early phases of deployment has proved to be cheaper than rectification in a post development stage.

 

Is the Sandbox for me?

The MDIA’s new flagship utility is the MDIA-TAS (Technology Assurance Sandbox) and is intended to guide solution owners throughout a residency of at most two years, as they align their solution with established Control Objectives based on international standards, in a phased and gradual approach.  At the end of each phase an independent third-party technical assessment is conducted by a selected MDIA-authorised Systems Auditor, until applicant is in line with all Control Objectives. After a defined number of assessments, Applicants will be able to obtain the full MDIA certification – indicating that the solution provides technological assurances for various stakeholders, including users and investors.

 


Is the Sandbox adequate for start-ups?

The Sandbox is designed with start-ups and smaller players in mind. It grants ultimate flexibility in the selection of which controls shall be applicable at which stages within the Sandbox residency, as defined by applicants themselves, thus seamlessly integrates within the development plans of the individual applicant. The MDIA-TAS also presents low administrative costs and the possibility of applying for government grants to substantially cover System Auditor Assessment related costs.

 

What are my obligations?

The sandbox is based on a gradual attainment of technological assurances, together with uncompromised legal certainty, provided through requirements such as, due diligence processes of applicant the appointment of a Technical Officer who is duty bound to report and act in case of technology failure, and the setup of a forensic node to keep an audit log of the underlying system’s operations and transactions, and thus supporting possible investigation.

 

What are the main benefits?
  • It allows the development of the solution in line with predefined control objectives aligned with international standards, thus avoiding reducing the risk failure which would adversely affect users.
  • It provides technological assurance to investors and end users, providing certainty in the functional correctness and dependability of such technologies and the underlying operational processes, thus making the solution a notch more attractive.
  • Provides legal and regulatory certainty even in line with developing EU regulations in technological camps.
  • Provides a competitive edge to competing solutions.
  • Ensures that following sandbox residency, MDIA certification process is seamless.

 

How do I apply?

Contact our BDO's Technology Advisory Team to Learn More