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
BIS Paper Studies Impact of Fintech Lending on Small Businesses in US
The Bank for International Settlements (BIS) published a paper that studies impact of fintech lending on credit access for small businesses in U.S.
UK Regulators Issue CRR Changes and Stress Test Scenarios for Banks
The Prudential Regulation Authority (PRA) issued the policy statement PS8/22 to amend the Own Funds and Eligible Liabilities (CRR) Part of the PRA Rulebook and update the supervisory statement SS7/13 titled "Definition of capital (CRR firms).
EBA Launches EU-Wide Transparency Exercise in 2022
The European Banking Authority (EBA) launched the EU-wide transparency exercise for 2022, with results of the exercise expected to be published at the beginning of December, along with the annual Risk Assessment Report.
SRB on CRR Quick-Fix to Policy for Multiple Point of Entry Banks
The Single Resolution Board (SRB) welcomed the adoption of the review of the Capital Requirements Regulation, or CRR, also known as the "CRR quick-fix."
EC Rule Lists Advanced Economies for Market Risk Capital Calculations
The European Commission (EC) recently adopted the Delegated Regulation 2022/1622, which sets out the regulatory technical standards to specify the countries that constitute advanced economies for the purpose of specifying risk-weights for the sensitivities to equity.
EBA Publishes Final Regulatory Standards on STS Securitizations
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.
ECB Further Reviews Costs and Benefits Associated with IReF
The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.
EBA Publishes Funding Plans Report, Receives EMAS Certification
The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).
MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures
The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.
BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules
The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.
