Increasing cybercrime and incidents results in ever growing financial and reputational damage for companies all over the world, while consumer’s trust is undermined. In view of the severe impact on the economy and society in general, the European Commission launched in February 2013 its first Cybersecurity Strategy. The public and private sector have to work together to, on the one hand, prevent business interruption, industrial espionage, counterfeiting, extortion, data theft and data manipulation, while on the other hand be able to adequately respond once a cyber incident occurs.
The Cybersecurity Strategy focuses on improving the resilience and security and network information systems (NIS), the virtual backbone of the Digital Single Market. Alongside the strategy, a NIS Directive was proposed which singles out a number of sectors (energy, financial services, transport, health care and Internet), which will have particular preventive risk management and notification obligations in case of a cyber incident.
Read our FH Spotlight: EU Cybersecurity Strategy: Threats, Challenges and Opportunities for Business
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July 13, 2023