The Freeland File
Aerospace & Defense
Global Market Data
Lucy P. Marcus
The Great Debate
Macro & Markets
Lipper Awards 2012
Personal Finance Video
Our best science photos of 2012
The year that was in science and technology images. Slideshow
Funerals begin for Newtown victims as schools confront tragedy
Democrats vow to push for gun control measures in Congress
16 Dec 2012
More U.S. lawmakers consider curbing assault weapons
Hungary's Jews face down new extremism
16 Dec 2012
Educators on edge as children go back to school in U.S.
Connecticut gun rampage: 28 dead, including 20 schoolchildren
Democrats vow push for gun control measures in Congress
Connecticut town’s schools locked down following shooting report
Our day's top images, in-depth photo essays and offbeat slices of life. See the best of Reuters photography. See more | Photo caption
Tragedy in Newtown
Mourning the victims of the Sandy Hook school shooting. Slideshow
Roofless in Brazil
Thousands have joined a growing Roofless Movement who find shelter in abandoned or vacant buildings in Sao Paulo. Slideshow
EU could make firms disclose network security breaches
Banks fend off attacks designed to disrupt online banking access
Fri, Dec 14 2012
U.S. intelligence sees Asia's global power rising by 2030
Mon, Dec 10 2012
EBay's double tax base prompts calls for investigation
Fri, Nov 30 2012
Online sales jump on Cyber Monday, eBay shines
Mon, Nov 26 2012
By Ethan Bilby
Mon Dec 17, 2012 1:45pm EST
BRUSSELS (Reuters) - The European Union may force companies operating critical infrastructure in areas such as banking, energy and stock exchanges to report major online attacks and reveal security breaches, a draft EU report seen by Reuters on Monday said.
The European Union's executive Commission is due to present a proposal on cybersecurity in February once it has received feedback from the European Parliament and EU countries.
EU moves to protect critical infrastructure echo similar concerns worldwide amid an increasing number of cyber attacks globally that can disrupt important areas of the economy, from online banking to stock exchanges.
"Minimum security requirements should also apply to public administrations and operators of critical information infrastructure to promote a culture of risk management and ensure that the most serious incidents are reported," the report said.
Unlike the United States where companies are required to report online attacks, which supporters say forces companies into keeping cyber defenses tight, the EU has a piecemeal approach.
Some countries like Britain oppose mandatory reporting, which it believes would encourage companies to cover up online breaches because they do not want to alarm their customers.
An EU official said the aim of the report was to get companies to be more open about cyber attacks and help them fend off such disruption.
"We want to change the culture around cyber security from one where people are sometimes afraid or ashamed to admit a problem, to one where authorities and network owners are better able to work together to maximize security," the official said.
European companies in critical areas of the economy "lack effective incentives to provide reliable data on the existence or impact" of network security incidents, the report said.
Companies fear that revealing their vulnerability could cost them customers, but authorities are eager for increased transparency to try and shut down methods hackers use to exploit networks before they can do widespread damage.
"Cyber security incidents are increasing at an alarming pace and could disrupt the supply of essential services we take for granted such as water, sanitation, electricity, or mobile networks," the report said.
The EU proposal would require companies in critical infrastructure areas to conduct risk assessments and work with national authorities to ensure a minimum standard across the 27-country bloc.
Inconsistent measures on cyber security also carry an economic cost. In 2012, 38 percent of the EU's Internet users say they were concerned about making payments online, an EU poll showed.
(Editing by Foo Yun Chee and Claire Davenport)
Related Quotes and News
We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Be the first to comment on reuters.com.
Add yours using the box above.
Back to top
New York Legal
Support & Contact
Connect with Reuters
Our Flagship financial information platform incorporating Reuters Insider
An ultra-low latency infrastructure for electronic trading and data distribution
A connected approach to governance, risk and compliance
Our next generation legal research platform
Our global tax workstation
About Thomson Reuters
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.