Call us now:
The European Central Bank (ECB) put in place a pilot programme in 2016 for cyber breach reporting , as part of its IT risk programme (https://lnkd.in/e5XzMdH) for incident reporting. The rational was quite simple, tell the ECB about your incidents within 72 hours, or sooner of an incident. So they can coordinate communications with other institutions, support breach response if needed, collect threat and incident response information and best practice and help protect CNI.
Not everyone wants to report their incidents; who wants to get fined for a cyber and data breach. But it’s a chicken and egg paradigm. If you don’t report and get found out (and you will), you will be held to a higher standards than if you don’t report. If you do report and get fined, its a disincentive. But the wave of different and often non-complimentary regulation is growing (take a look at the World banks regulatory digest 2019).
Being damned if you do and damned if you don’t will be the way of life. Raising economic questions for companies which may override altruism to society.
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