In an update, the Financial Services Information Sharing and Analysis Center (FS-ISAC), writes that the European Union (EU), in a move to lessen the cyber threat risk to financial institutions, is imposing tougher cybersecurity standards, according to Moody’s Investors Services.
While this new legislation will lead to increased costs, the upside will bring improved cyber defense standards and a more cohesive framework for overseeing cybersecurity risk. With more organizations moving to the cloud, this legislation will emphasize reliance and utilization on third-party providers and vendors.