How Companies Should Prepare For Europe’s New Cybersecurity Rules
August 3, 2016
Peter J. Beshar
Cyber breaches have dominated the headlines in the United States, with public companies, government agencies, universities, and now even political parties reporting attacks. No sector has been spared. Gazing across the Atlantic, however, the landscape appears dramatically and blissfully different. Virtually no large European company has publicly acknowledged a cyber breach. Is there an Iron Dome or magnetic force field protecting Europe against cyber attacks?
Sadly not. Cyber attacks are occurring across Europe every day. The fundamental difference is that the U.S. has 47 state laws mandating the public disclosure of cyber attacks. Up until now, Europe did not. One possible consequence is that the time lag between a cyber intrusion and the detection of that incident is nearly three times longer in Europe than the rest of the world.
That will change — and the ramifications for European companies will be profound.