Published On: Thu, Jul 7th, 2016

New EU Cybersecurity Laws to Cover Online Banking, Markets

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The European Union (EU) parliament has approved a new set of cybersecurity laws, ordering firms in “essential service” industries like banking, health, energy and transport to bolster their defenses against cyber-attacks.
Also read: Industry Report: How China, France, and the FBI Do Bitcoin
The EU network and information security (NIS) directive represents the first EU-wide standards on cybersecurity. According to an EU parliament statement, they are designed to increase cooperation between member states as well as to prevent attacks on EU countries’ interconnected infrastructure.
EU Parliament rapporteur Andreas Schwab said:
“Cybersecurity incidents very often have a cross-border element and therefore concern more than one EU member state. Fragmentary cybersecurity protection makes us all vulnerable and poses a big security risk for Europe as a whole.”
Requirement to Report Breaches
Of note is a provision within the laws covering digital service providers — such as cloud services, search engines and online marketplaces.
As well as taking measures to protect their infrastructure, these companies will also have to report any major breaches or security incidents to national authorities.
Given the law’s specific mention of online financial services, and KYC/AML requirements for bitcoin exchanges falling …

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