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The impact of EU NIS 2 will be broad and deep for EU CNI providers, and not just those that are within the Maritime sector. EU NIS 2.0 like other cyber regulation shifts cybersecurity ‘left of bang’ and onto the balance sheets of covered entities. The historical approach of relying purely on cyber insurance will no longer be acceptable, as regulators set expectations of cybersecurity compliance in to the board rooms of covered entities.
EU NIS does not set ‘basic’ cybersecurity requirements on covered entities. It places accountability and responsibility on management teams for the oversight and assurance of cybersecurity risk management. Requiring the adoption of a cybersecurity risk management framework, the implementation of a cybersecurity program to mitigate cyber risks and for management boards to oversight and assure compliance. When transposed into Member State laws it may also come with stiff penalties, that could be both civil and criminal.
EU NIS 2 is not the only regulation to affect the maritime industry. For those firms that rely on capital from U.S exchanges, they may find that they are also impacted by the U.S SEC cybersecurity risk management proposal. That sets similar requirements to EU NIS 2.0, but requires reporting and attestation of compliance to the SEC.
For more information on EU NIS 2.0 Jamie Foster of Hill Dickinson LLP and I discuss EU NIS 2 here – https://lnkd.in/eqK7yTFM
Ted Dziekanowski Rachel V. Rose, JD, MBA Stephen Pitt-Walker, JD, FGIA
#cybersecurity #cyberriskmanagement #cyberlaw #eunis2 #securitiesandexchangecommission
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