EC Statement on Cybersecurity Act and Certification Rules in EU
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
Previous Article
CFTC Amends Position Limit Rules for Security Futures ProductsRelated Articles
OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
EBA Proposes Standards to Support Secondary NPL Markets
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
EBA Issues Standards for Crowdfunding Service Providers Under ECSPR
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.
EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution
The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.
EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.
EC Mandates ESAs to Propose Amendments to SFDR Technical Standards
The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.
EBA Examines Supervisory Practices, Issues Deposits Reporting Template
The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),
US Agency Publications Address Basel, Reporting, and CECL Developments
The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances
SEC Extends Comment Period on Climate Risk Disclosures
The U.S. Securities and Exchange Commission (SEC) looks set to intensify focus on crypto-assets and cyber risk and extended the comment period on the proposed rules to enhance and standardize climate-related disclosures for investors.