Law360, London (April 11, 2019, 3:57 PM BST) -- Europe’s top financial regulators have called on the European Union to streamline rules for reporting cybersecurity breaches to ensure consumer confidence in future financial products.
The European Supervisory Authorities said Wednesday that the incident reporting frameworks for regulators must be be the same across the financial sector to promote good cyber hygiene at the likes of banks, asset managers and insurers.
The watchdogs — the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority — said firms must be subject to the same clear, general requirements on how and when to report breaches...
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