EU to Develop Cybersecurity Competence Center and Coordination Network
EC announced that EU institutions have reached a political agreement, subject to formal approval by the European Parliament and European Council, for development of the Cybersecurity Competence Center and the Network of National Coordination Centers. This initiative is intended to improve and strengthen technology and industrial cybersecurity capacities of EU and help create a safe online environment. Following this, member states will confirm the agreement on December 18 during the Committee of the Permanent Representatives of the Governments of the Member States to EU. The formal adoption from European Parliament and the Council is expected to take place in January 2021. EC will then start setting up the Cybersecurity Competence Center.
The Cybersecurity Competence Center will be located in Bucharest. The Cybersecurity Competence Centre and Network will help EU and member states to take a proactive, longer-term, and strategic perspective to cybersecurity research, development, and industrial policy. This approach should help not only to come up with breakthrough solutions to the cybersecurity challenges which the private and public sectors are facing, but also support effective deployment of these solutions. The Center and the Network together will enhance technological sovereignty through large-scale cybersecurity projects in areas such as Cyber Threat Intelligence, Cyber secured hardware and operating systems, and security certification. Furthermore, they will allow relevant research and industrial communities, as well as public authorities, to gain access to key capacities, such as testing and experimentation facilities, which are often beyond the reach of individual member states due to insufficient financial and human resources.
Related Link: Press Release
Keywords: Europe, EU, Banking, Insurance, Securities, Cyber Risk, Cybersecurity Competence Center, Network of National Coordination Centers, Cyber Threat Intelligence, Cybersecurity Certification, EC
Previous Article
EBA Publishes Single Rulebook Q&A Updates in December 2020Related Articles
EU Agencies Update LCR Rule and Macro-Prudential Policy Recommendation
The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).
EBA Publishes Regulatory Standards to Identify Shadow Banking Entities
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.
EIOPA Examines Physical Climate Risk Exposure, SII Non-Compliance
The European Insurance and Occupational Pensions Authority (EIOPA) published a report assessing insurers' exposure to physical climate change risks
EC Publishes Results on Review of Web Accessibility Directive
The European Commission (EC) published the results of a public consultation, held in October 2021, on the review of the Web Accessibility Directive.
NGFS Report Explores Quantification of Climate Risk Differentials
The Network for Greening the Financial System (NGFS) published two reports to aid central banks and regulators in their oversight of the financial sector and in their central bank operations
MAS Consults on Adjustment Spreads for Conversion of SOR Contracts
The Monetary Authority of Singapore (MAS) and the SC-STS are jointly consulting, until June 10, 2022, on setting adjustment spreads for the conversion of legacy SOR contracts to SORA reference rate.
OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
EBA Proposes Standards to Support Secondary NPL Markets
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
EBA Issues Standards for Crowdfunding Service Providers Under ECSPR
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.