Featured Product

    EC Seeks Feedback for Initiative on New Cybersecurity Rules

    March 16, 2022

    The European Commission (EC) is seeking feedback, until May 25, 2022, for an initiative that would involve development of proposal for a regulation on horizontal cybersecurity requirements for digital products and ancillary services under the Cyber Resilience Act. EC plans to adopt the regulation by the third quarter of 2022.

    The initiative aims to address market needs and protect consumers from insecure products by introducing common cybersecurity rules for manufacturers and vendors of tangible and intangible digital products and ancillary services. The framework applicable to digital products comprises several pieces of legislation, including a European Union legislation on specific products covering safety-related aspects and general legislation on product liability. However, the legislation covers only certain aspects linked to the cybersecurity of tangible digital products and, where applicable, embedded software concerning these products. The existing regulatory framework on products does not prescribe specific cybersecurity requirements and does not cover all types of digital products. The framework also fails to cover a variety of widely used hardware. Moreover, non-embedded software products are not addressed in the current framework, even though vulnerabilities in software products are increasingly serving as a channel for cybersecurity attacks, causing significant societal and economic costs. Through the consultation, EC would like to gather:

    • views on current and emerging problems related to the cybersecurity of digital products and associated services, including non-embedded software
    • views on the possible policy approaches to address such problems, the available options, and their potential impacts
    • evidence and data underpinning the identified problems

    The initiative aims to enhance and ensure a consistently high level of cybersecurity of digital products and ancillary services. More specifically, a broad range of such products and associated services would be secured throughout their whole lifecycle proportional to the risks. The initiative also aims to enable users to match the security properties of such products against their needs, including by enhancing the transparency of cybersecurity features. This would protect users from insecure digital products and ancillary services and incentivize vendors to offer more secure products, thus increasing the trust in the digital single market. Finally, the initiative seeks to improve the functioning of the internal market by leveling the playing field for vendors of digital products and ancillary services.

     

    Related Link: Notification and Call for Evidence

     

    Keywords: Europe, EU, Banking, Insurance, Securities, Cyber Risk, Cyber Resilience Act, Regtech, Non-emedded Software, Digital Products, EC

    Related Articles
    News

    EU Agencies Update LCR Rule and Macro-Prudential Policy Recommendation

    The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).

    May 23, 2022 WebPage Regulatory News
    News

    EBA Publishes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.

    May 23, 2022 WebPage Regulatory News
    News

    EIOPA Examines Physical Climate Risk Exposure, SII Non-Compliance

    The European Insurance and Occupational Pensions Authority (EIOPA) published a report assessing insurers' exposure to physical climate change risks

    May 20, 2022 WebPage Regulatory News
    News

    NGFS Report Explores Quantification of Climate Risk Differentials

    The Network for Greening the Financial System (NGFS) published two reports to aid central banks and regulators in their oversight of the financial sector and in their central bank operations

    May 19, 2022 WebPage Regulatory News
    News

    EC Publishes Results on Review of Web Accessibility Directive

    The European Commission (EC) published the results of a public consultation, held in October 2021, on the review of the Web Accessibility Directive.

    May 19, 2022 WebPage Regulatory News
    News

    MAS Consults on Adjustment Spreads for Conversion of SOR Contracts

    The Monetary Authority of Singapore (MAS) and the SC-STS are jointly consulting, until June 10, 2022, on setting adjustment spreads for the conversion of legacy SOR contracts to SORA reference rate.

    May 18, 2022 WebPage Regulatory News
    News

    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.

    May 17, 2022 WebPage Regulatory News
    News

    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.

    May 17, 2022 WebPage Regulatory News
    News

    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).

    May 13, 2022 WebPage Regulatory News
    News

    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.

    May 13, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8206