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1. Introductory remarks
The Directive on Security of Network and Information
Systems
1 was adopted by the European Parliament on
6 July 2016 and entered into force in August 2016.
It was the first piece of EU-wide cybersecurity legislation. Member
States had to transpose the NIS Directive into their national
legislation by 9 May 2018 and identify operators of
essential services (
OES) by
9 November 2018.
Under the NIS Directive, Member States are required to ensure
that OES and digital service providers (
DSP)
implement cybersecurity requirements and report incidents.
As part of its policy objective to make Europe fit for the
digital age , the European Commission
(the
Commission) announced in early 2020 that
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On December 17, 2020, the Office of the Comptroller of the Currency, Treasury (OCC); the Federal Reserve; and the Federal Deposit Insurance Corporation (FDIC) issued a Notice of Proposed Rulemaking that would require financial institutions to notify their primary federal financial regulator, within 36 hours of becoming aware, that a “computer-security incident” or “notification incident” has occurred. The rule would also require bank service providers to notify “at least two individuals at affected banking organization customers immediately after the bank service provider experiences a computer-security incident that it believes in good faith could disrupt, degrade, or impair services provided for four or more hours.” The text of the Notice of Proposed Rulemaking, titled “Computer-Security Incident Notification Requirements for Banking Organizations and Their Bank Service Providers” (the Proposed Notice Rul