EC launched a consultation to revise the network and information systems (NIS) Directive (2016/1148), which was adopted in July 2016 and is the first horizontal internal market instrument aimed at improving the resilience of the EU against cybersecurity risks. The consultation, which closes on October 02 2020, aims to collect views on the implementation and impact of potential future changes in this regime. The results of this consultation will be used for the evaluation and impact assessment of the NIS Directive.
The NIS Directive obliges companies that provide essential services in vital sectors, such as banking, financial market infrastructures, digital infrastructure, and digital services, including search engines, cloud computing services, and online marketplaces, to protect their information technology systems and report major cybersecurity incidents to the national authorities. Article 23 of the Directive requires EC to review the functioning of this Directive periodically. As part of the key policy objective to make “Europe fit for the digital age” as well as in line with the objectives of the Security Union, EC announced in its 2020 work program that it would conduct a review on this by the end of 2020. As part of this process, this consultation seek views on the topic of cybersecurity as well as on the different elements of the NIS Directive, which are all subject to the review.
This consultation is open to citizens, public and private organizations, trade associations, and academics. The consultation includes a questionnaire that is divided in following three sections:
- Section 1 contains general questions on the NIS Directive that are accessible to all categories of stakeholders.
- Section 2 contains technical questions on the functioning of the NIS Directive. This section is mainly targeted at individuals, organizations, or authorities that are familiar with the NIS Directive and cybersecurity policies.
- Section 3 aims to gather views on approaches to cybersecurity in the European context currently not addressed by the NIS Directive. This section is mainly targeted at individuals, organizations, or authorities that are familiar with the NIS Directive and cybersecurity policies.
Comment Due Date: October 02, 2020
Keywords: Europe, EU, Banking, Securities, Insurance, NIS Directive, Questionnaire, Cyber Resilience, Cyber Risk, Directive 2016/1148, EC
Previous ArticleGLEIF Publishes Annual Report in ESEF Format, Shows Benefits of LEI
FCA and PRA in the UK, FED in the US, and the authorities in Singapore have fined Goldman Sachs for risk management failures in connection with the 1Malaysia Development Berhad (1MDB).
BCBS announced that OSFI and the Bank of Canada hosted the 21st International Conference of Banking Supervisors (ICBS) virtually on October 19-22, 2020.
FCA proposed guidance on how firms should continue to seek to help customers who hold insurance and premium finance products and may be in financial difficulty because of COVID-19, after October 31, 2020.
EBA issued an opinion on prudential treatment of the legacy instruments as the grandfathering period nears an end on December 31, 2021.
ESRB published the fifth issue of the EU Non-bank Financial Intermediation Risk Monitor 2020 (NBFI Monitor).
HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.
APRA announced that it has increased the minimum liquidity requirement of Bendigo and Adelaide Bank for failing to comply with the prudential standard on liquidity.
PRA published the consultation paper CP17/20 to propose changes to certain rules, supervisory statements, and statements of policy to implement elements of the Capital Requirements Directive (CRD5).
US Agencies adopted a final rule that applies to advanced approaches banking organizations and aims to reduce interconnectedness in the financial system as well as to reduce contagion risks associated with the failure of a global systemically important bank (G-SIB).
US Agencies (FDIC, FED, and OCC) adopted a final rule that implements the net stable funding ratio (NSFR) for certain large banking organizations.