ECIIA and FERMA collaborate in cyber risk initiative

27 January 2017

Given the growing risk posed by cyberattacks on businesses across Europe, ECIIA and the FERMA have launched a joint initiative aimed at helping organisations strengthen their cyber defences.

The group’s key objective is to help define the best governance model when managing cyber risk. The two bodies set up a working group to explore the scope and range of the work needed, which held its first meeting in 11 January 2017 in Brussels.

“We want to explore ways of helping organisations create better risk management and auditing structures to deal with this threat,” Henrik Stein, ECIIA President, says. “Given the fast- moving nature of cyber-risk and recent European legislative changes, a fresh look at how such threats are managed is timely.”

The group will The European Parliament adopted the Network and Information Security Directive July 2016, which EU countries have 21 months to transpose into local legislation – and an extra six months to designate national authorities to deal with cyber matters. The legislation is aimed at strengthening Europe’s cyber defences.

In May 2016, it adopted the General Data Protection Regulation, which comes into effect 25^th May 2018. The legislation introduces tougher measures on data protection and higher sanctions for those who do not comply.

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