Featured Product

    EC Statement on Cybersecurity Act and Certification Rules in EU

    June 26, 2019

    The European Cybersecurity Act is entering into force on June 27, 2019, thus setting the new mandate of ENISA, which is the EU Agency for Cybersecurity, and establishing the European cybersecurity certification framework. The European cybersecurity certification framework, the first of its kind, establishes the governance and rules for EU-wide certification of information communications technology (ICT) products, processes, and services.

    The EU Cybersecurity Act gives ENISA, the EU Agency for Cybersecurity, more tasks and resources to assist EU member states in dealing with cyber-attacks. ENISA will improve the cybersecurity preparedness and resilience in EU, contributing to better information-sharing between EU member states through the network of Computer Security Incident Response Teams (CSIRTs) and by organizing regular pan-European cybersecurity exercises. 

    Additionally, the Cybersecurity Act introduces for the first time EU-wide rules for cybersecurity certification. Companies in EU will benefit from having to certify their products, processes, and services only once and see their certificates recognized across EU. Under the framework, multiple schemes will be created for different categories of ICT products, processes, and services. Each scheme will specify, among  others, the type or categories of ICT products, services and processes covered, the purpose, the security standards that shall be met, and the evaluation methods.  The schemes will also indicate the period of validity for the certificates issued. ENISA, on request from EC or the European Cybersecurity Certification Group (composed by member states), will prepare the certification schemes that will then be adopted by EC through implementing acts. 

    Regarding the certification framework, EC will prepare the first requests for ENISA to develop certification schemes and set-up the governance structure with the establishment of the relevant expert groups:

    • The European Cybersecurity Certification Group, comprising representatives from member states that will have to appoint the representatives from their competent authorities 
    • The Stakeholder Cybersecurity Certification Group, which will be responsible to advise ENISA and EC

     

    Related Links

    Keywords: Europe, EU, Banking, Insurance, Securities, Cybersecurity Act, ENISA, Cyber Risk, Cybersecurity Certification, Cyber Resilience, EC

    Related Articles
    News

    EC Adopts Financial Reporting Changes Arising from Benchmark Reforms

    EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.

    January 14, 2021 WebPage Regulatory News
    News

    BIS Bulletin Examines Key Elements of Policy Response to Cyber Risk

    BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.

    January 14, 2021 WebPage Regulatory News
    News

    HMT Updates List of Post-Brexit Equivalence Decisions in UK

    HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.

    January 14, 2021 WebPage Regulatory News
    News

    EBA Issues Erratum for Technical Package on Reporting Framework 3.0

    EBA published an erratum for technical package on phase 1 of the reporting framework 3.0.

    January 14, 2021 WebPage Regulatory News
    News

    APRA Publishes FAQ on Measurement of Credit Risk Weighted Assets

    APRA updated a frequently asked question (FAQ), for authorized deposit-taking institutions, on the measurement of credit risk weighted assets.

    January 14, 2021 WebPage Regulatory News
    News

    EBA Publishes Risk Dashboard for Third Quarter of 2020

    EBA published the quarterly risk dashboard, along with the results of the Risk Assessment Questionnaire survey among 60 banks and 15 market analysts.

    January 13, 2021 WebPage Regulatory News
    News

    ECB Analysis Shows Privacy as Biggest Concern in Use of Digital Euro

    ECB concluded the public consultation on the introduction of a digital euro in EU.

    January 13, 2021 WebPage Regulatory News
    News

    ECB Finalizes Guide on Supervisory Approach to Bank Consolidation

    ECB published a guide that sets out the supervisory approach to consolidation in the banking sector.

    January 12, 2021 WebPage Regulatory News
    News

    SRB Chair Outlines Work Priorities for 2021

    The SRB Chair Elke König published an article setting out work priorities for 2021.

    January 11, 2021 WebPage Regulatory News
    News

    FDIC Selects Companies to Compete in Final Phase of Tech Sprint

    FDIC has selected 11 technology companies—including BearingPoint, Fed Reporter, Inc, and S&P Global Market Intelligence, LLC—for inclusion in the third and final phase of the rapid prototyping competition.

    January 11, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6417