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
Keywords: Europe, EU, Banking, Insurance, Securities, Cybersecurity Act, ENISA, Cyber Risk, Cybersecurity Certification, Cyber Resilience, EC
Previous ArticleCFTC Amends Position Limit Rules for Security Futures Products
The Hong Kong Monetary Authority (HKMA) revised the Supervisory Policy Manual module CG-5 that sets out guidelines on a sound remuneration system for authorized institutions.
The European Banking Authority (EBA) published the final guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate parent undertakings in European Union (EU), as laid down in the Capital Requirements Directive (CRD).
In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.
The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.
The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.
The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.
The European Securities and Markets Authority (ESMA) published recommendations from the Working Group on Euro Risk-Free Rates (RFR) on the switch to risk-free rates in the interdealer market.
The European Central Bank (ECB) published a paper as well as an article in the July Macroprudential Bulletin, both of which offer insights on the assessment of the impact of Basel III finalization package on the euro area.
The International Swaps and Derivatives Association (ISDA) published a paper that explores the impact of the Fundamental Review of the Trading Book (FRTB) on the trading of carbon certificates.
The Prudential Regulation Authority (PRA) published the remuneration policy self-assessment templates and tables on strengthening accountability.