On October 11, the European Commission (Commission) published a list of fundamental elements (Elements) on cybersecurity, developed by the G7 Cyber Expert Group. The Commission actively contributed to the development of the Elements, which are designed to form a high-level framework for private and public entities in the financial services sector to adapt to their particular operations, the relevant/applicable “threat landscape” and other legal and regulatory requirements. The eight Elements cover topics such as cybersecurity strategy and framework, governance, risk and control assessments, monitoring, response, recovery, information sharing and continuous learning.

For more information on cybersecurity in the European Union, see our Corporate & Financial Weekly Digest editions of July 29, 2016, May 20, 2016 and December 11, 2015.

The Elements are available here, and the Commission’s accompanying supporting statement, here.