MEPs are proposing new regulations under which some organisations will have to reveal any breaches to their cyber security. Additionally, these new rules will set out a minimum standard of protection which must be in place to protect customer data and this could apply to a wide range of organisations, from banks to energy companies. It is also anticipated that MEPs will cast the net a little wider to include some internet markets and popular search engines.
This initiative is a first within the European Union and is reflective of a growing concern that cyber attacks could target essential services and widespread disruption. But the logic behind it is broader than that; it also reflects concerns over the amount of personal data that many companies hold and the subsequent impact that a cyber breach could have on a company’s customers and the business itself.
MEPs are hoping that the advent of these regulations will usher in a more coordinated response to cyber security issues, which should ultimately strengthen nations in the fight against cyber criminals. This complicated legislation is expected to go before the European Parliament next spring.