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
EBA Issues Erratum for Phase 2 Package of Reporting Framework 3.0
EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.
MAS Amends Notice on Related Party Transactions of Banks
MAS amended Notice 643A that addresses requirements for banks to prepare statements of exposures and credit facilities to related concerns or parties.
ECB Amends Guideline on Euro Short-Term Rate
ECB has published, in the Official Journal of the European Union, the Guideline 2021/565 on the euro short-term rate (€STR) and this guideline amends the previous ECB Guideline 2019/1265.
EBA Consults on Standards Related to FRTB-SA
EBA launched a consultation on the draft regulatory technical standards on the list of countries with an advanced economy for calculating the equity risk under the alternative standardized approach (FRTB-SA).
PRA Proposes Rules Related to IRB Approach for Credit Risk
PRA is proposing, via CP7/21, the approach to implementing new requirements related to the specification of the nature, severity, and duration of an economic downturn in the internal ratings-based (IRB) approach to credit risk.
BoE Outlines Regulatory Treatment of Recovery Loan Scheme of UK
The UK government launched the Recovery Loan Scheme (RLS) as part of its continued COVID-19 support for UK businesses, as announced by HM Treasury on March 03, 2021.
FSB Addresses G20 on COVID Measures, TBTF Reforms, and Climate Risks
FSB published a letter, from its Chair Randal K. Quarles, to the G20 Finance Ministers and Central Bank Governors, ahead of their virtual meeting on April 07, 2021.
OSFI Unwinds Temporary Increase to Covered Bond Limit for Banks
OSFI issued a letter to the deposit-taking institutions issuing covered bonds and announced the unwinding of the temporary increase to the covered bond limit for deposit-taking institutions, effective immediately.
EU Amends CRR and Securitization Regulation in Response to Pandemic
To support recovery from the COVID-19 crisis, EU has published two regulations to amend the securitization framework, as set out in the Securitization Regulation (2017/2402) and the Capital Requirements Regulation or CRR (575/2013).
HM Treasury Announces G7 Agreement on Green Agenda Ahead of COP26
HM Treasury announced that G7 Finance Ministers and Central Bank Governors met ahead of COP 26, the 2021 UN Climate Change Conference, and agreed on green agenda.