EU lawmakers have reached a milestone by signing off the first cyber security law on Monday, December 7.
The new law titled The Network and Information Security Directive was developed to help protect the EU’s essential infrastructure. This law sets out security and reporting requirements for companies with critical sectors like transportation, energy, health & finance.
This new law would also require Internet companies like Amazons, Google & eBay to report any serious security incidents and data breaches to national authorities. Companies that fail to do so run the risk of sanctions by the EU.
An agreement was reached after five hours of debate between the European Parliament and EU governments, both stressing the increased likelihood of security and privacy breaches.
Andrus Ansip, the European Commission’s Digital Chief, claims this new law will help rebuild consumers’ trust in Internet services, particularly in cross-border services.
“The Internet knows no border- a problem in one country can have a knock-on effect in the rest of Europe. This is why we need EU-wide cyber security solutions. This agreement is an important step in this direction,” he stated.