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

    EBA Sets Out Roadmap for 2023, Updates Reporting Framework 3.2

    The European Banking Authority (EBA) published its work program for 2023 as well as the technical package for phase 3 of version 3.2 of its reporting framework.

    September 30, 2022 WebPage Regulatory News

    FED Announces Launch of Climate Scenario Analysis Exercise in 2023

    The Board of Governors of the Federal Reserve System (FED) announced a pilot climate scenario analysis exercise for six largest banks in the U.S.

    September 29, 2022 WebPage Regulatory News

    BIS Paper Studies Impact of Fintech Lending on Small Businesses in US

    The Bank for International Settlements (BIS) published a paper that studies impact of fintech lending on credit access for small businesses in U.S.

    September 26, 2022 WebPage Regulatory News

    UK Regulators Issue CRR Changes and Stress Test Scenarios for Banks

    The Prudential Regulation Authority (PRA) issued the policy statement PS8/22 to amend the Own Funds and Eligible Liabilities (CRR) Part of the PRA Rulebook and update the supervisory statement SS7/13 titled "Definition of capital (CRR firms).

    September 26, 2022 WebPage Regulatory News

    EBA Launches EU-Wide Transparency Exercise in 2022

    The European Banking Authority (EBA) launched the EU-wide transparency exercise for 2022, with results of the exercise expected to be published at the beginning of December, along with the annual Risk Assessment Report.

    September 23, 2022 WebPage Regulatory News

    SRB on CRR Quick-Fix to Policy for Multiple Point of Entry Banks

    The Single Resolution Board (SRB) welcomed the adoption of the review of the Capital Requirements Regulation, or CRR, also known as the "CRR quick-fix."

    September 22, 2022 WebPage Regulatory News

    EC Rule Lists Advanced Economies for Market Risk Capital Calculations

    The European Commission (EC) recently adopted the Delegated Regulation 2022/1622, which sets out the regulatory technical standards to specify the countries that constitute advanced economies for the purpose of specifying risk-weights for the sensitivities to equity.

    September 21, 2022 WebPage Regulatory News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8523