ESAs & ENISA Sign Memorandum of Understanding to Boost Cybersecurity Cooperation

The European Supervisory Authorities (ESAs) and the European Union Agency for Cybersecurity (ENISA) have signed a multilateral Memorandum of Understanding (MoU). This agreement formalizes ongoing discussions and sets the framework for strengthened cooperation and information exchange between the agencies.

The MoU, which includes the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA), aims to bolster collaboration in light of the Directive on measures for a high common level of cybersecurity (NIS2 Directive) and the Digital Operational Resilience Act (DORA).

The agreement outlines a cooperative approach in various areas of mutual interest, including policy implementation, incident reporting, and oversight of critical Information Communication Technologies (ICT) third-party providers. It aims to promote regulatory convergence, facilitate cross-sectoral learning, enhance capacity building, and improve information exchange on emerging technologies.

Verena Ross, Chair of the Joint Committee of the ESAs and Chair of ESMA, highlighted the importance of this new agreement:

"This new cooperation agreement that we sign today will reinforce the collaboration between the ESAs and ENISA. By bringing together the ESAs working on cybersecurity risk in the financial sector and ENISA as the EU’s cybersecurity agency, we are further strengthening our commitment to safeguarding the financial system from information security risks. In an interconnected world, ICT risk does not limit itself to one geographical or sectoral area, making cooperation in this field crucial. Through facilitating collaboration and resource sharing, we continue to enhance our capability to detect and respond to cybersecurity threats."

Juhan Lepassaar, Executive Director of ENISA, emphasized the significance of a unified approach:

"The MoU signed today showcases our willingness to move forward with a common and comprehensive approach in cybersecurity both at sectorial and horizontal level. Our efforts towards the implementation and harmonisation of NIS2 and DORA provisions, such as those on incident reporting, are paving the way to intensify our endeavours in creating a robust mechanism for cybersecurity in financial ICT systems."

This MoU underscores the commitment of the ESAs and ENISA to safeguard the financial sector against cybersecurity threats. By promoting collaboration and resource sharing, the agreement aims to enhance the ability of these agencies to detect, respond to, and mitigate cybersecurity risks.

The MoU is expected to foster a more secure and resilient financial infrastructure in Europe, ensuring that the financial sector is better prepared to handle cyber threats and incidents. This cooperation aligns with the broader European efforts to enhance cybersecurity and digital resilience across all sectors.

The GRC Report is your premier destination for the latest in governance, risk, and compliance news. As your reliable source for comprehensive coverage, we ensure you stay informed and ready to navigate the dynamic landscape of GRC. Beyond being a news source, the GRC Report represents a thriving community of professionals who, like you, are dedicated to GRC excellence. Explore our insightful articles and breaking news, and actively participate in the conversation to enhance your GRC journey.