FERMA urges EU to streamline cyber reporting processes

The Federation of European Risk Management Associations (FERMA) has urged European Institutions to streamline cyber reporting requirements and consider the insurance implications of cyber-related legislation.

The news follows the release of the Cyber Reporting Stack report – produced in partnership with WTW -, which provides risk managers with comprehensive advice on managing reporting requirements across a widening cyber policy environment.

Considered a first-of-its-kind report, it serves as a guide for recent and upcoming regulations as well as incident reporting requirements for risk managers. Including a series of case studies, it delivers guidance on the General Data Protection Regulation (GDPR), Network and Information Security (NIS), Network and Information Security (NIS 2), Digital Operational Resilience Act (DORA), and the Cyber Resilience Act (CRA).

Charlotte Hedemark, President, FERMA, commented on the increasing cyber reporting burden: “FERMA believes companies need a more streamlined and consistent set of requirements when it comes to reporting on cyber incidents.

“This reporting should help EU authorities, businesses and citizens to better understand the…