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EU to Approve a New Set of Cyber Security Laws to Cover Online Banking

The European Union (EU) parliament has approved a new set of cyber security laws, ordering firms in essential service industries like banking, health, energy and transport to bolster their defenses against cyber-attacks. The European Parliament voted to adopt the Directive on Security of Network and Information Systems, or NIS Directive, on 6th July. The directive requires companies in critical sectors including banking to adopt risk management practices and report major incidents that can affect the Digital Single Market to their national authorities which will, in turn, be able to carry out better capacity building with greater cross-border cooperation inside the EU. It also obliges online market places, cloud computing services and search engines to take similar security steps.

Given the law’s specific mention of online financial services, and KYC/AML requirements for bitcoin exchanges falling in line with those covering banks, there’s no doubt digital currency service providers will need to take extra care to protect their clients’ property and personal data. Another set of proposed rules are aimed at making trading more transparent and preventing tax evasion. It should be noted, however, that most digital currency exchanges operating in the EU already have customer identification requirements similar to those of banks. The NIS directive will come into force 20 days after publication in the EU Official Journal, after which member states will have 21 months to draft individual national laws that comply.

News Characteristics

Date : Jul 07, 2016
Region : Europe
Industry : Banks
Function : Risk Management
Sub-Function : Cyber Risk