BAKU, Azerbaijan, June 15. The newly established cybersecurity rules by the EU will increase the financial and administrative weigh on business, Trend reports via Moody’s Investors Service.
"We expect the directive to improve cyber defense standards across the EU, protecting supply chains, and to establish a more harmonized cybersecurity risk management framework. The new measures will also foster closer collaboration between EU members, including through the launch of the European Cyber Crises Liaison Organization Network (CyCLONe), designed to ensure rapid, coordinated management of large-scale cyber incidents," Moody’s said.
However, as Niclas Boheman, a VP-Senior Analyst at Moody's, said, smaller businesses that have previously been exempt from cyber regulation will need to spend much more of their resources to regulatory compliance, and may struggle to hire and retain qualified cyber security staff.
According to the Moody’s research, the global investments in cybersecurity in 2020 grew by 17 percent. Per sector, the highest growth was observed in public (21 percent), corporate (19 percent), and financial (15 percent) sectors.
As a result of these new requirements, the investments in cybersecurity will increase further. With cyberattacks becoming more sophisticated, Moody’s expects the regulatory scrutiny of cybersecurity standards to rise as well.
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