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Enhancing Cybersecurity and Compliance in Europe: A Guide to NIS2, PSD2, SWIFT’s CSP, and AI Act

Introduction

The European Union has introduced several regulations aimed at enhancing cybersecurity and compliance across various industries. This guide provides an overview of the key requirements and implications of four major EU regulations: Network and Information Security Directive (NIS2), Payment Services Directive 2 (PSD2), SWIFT’s Customer Security Program (CSP), and Artificial Intelligence Act (AI Act).

NIS2: Strengthening Cybersecurity in the EU

What is NIS2?

NIS2 is a European Union regulation that aims to improve cybersecurity in the EU by introducing new requirements for operators of essential services, such as energy, transport, healthcare, banking, financial services, and digital infrastructure.

Key Areas of Focus

The main areas of focus for NIS2 include:

  • Information security governance
  • Risk management
  • Vulnerability management
  • Incident response
  • Business continuity management
  • Compliance monitoring

How Deloitte Can Help with NIS2 Compliance

Deloitte can assist clients in carrying out the necessary steps to comply with NIS2, including:

  • Conducting a comprehensive risk assessment and vulnerability testing
  • Implementing effective information security governance and risk management processes
  • Developing and implementing incident response plans and business continuity management procedures
  • Providing training and education on information security for staff

PSD2: Enhancing Payment Security in the EU

What is PSD2?

PSD2 is an EU regulation that aims to promote the development of a secure, efficient, and integrated European payment market.

Key Requirements of PSD2

The main requirements of PSD2 include:

  • Strong customer authentication
  • Secure communication between payment service providers and customers
  • Secure storage of sensitive payment data
  • Regular security testing and vulnerability management

How Deloitte Can Help with PSD2 Compliance

Deloitte can assist clients in carrying out the necessary steps to comply with PSD2, including:

  • Conducting a comprehensive risk assessment and vulnerability testing
  • Implementing effective strong customer authentication procedures
  • Developing and implementing secure communication protocols between payment service providers and customers
  • Providing training and education on information security for staff

SWIFT’s Customer Security Program (CSP)

What is SWIFT’s CSP?

SWIFT’s CSP is a framework that helps financial institutions establish and maintain an information security control environment for their SWIFT system.

Key Requirements of SWIFT’s CSP

The main requirements of SWIFT’s CSP include:

  • Implementing effective access controls
  • Conducting regular vulnerability testing and risk assessments
  • Developing and implementing incident response plans and business continuity management procedures
  • Providing training and education on information security for staff

How Deloitte Can Help with SWIFT’s CSP Compliance

Deloitte can assist clients in carrying out the necessary steps to comply with SWIFT’s CSP, including:

  • Conducting a comprehensive risk assessment and vulnerability testing
  • Implementing effective access controls
  • Developing and implementing incident response plans and business continuity management procedures
  • Providing training and education on information security for staff

AI Act: Regulating Artificial Intelligence in the EU

What is AI Act?

AI Act is an EU regulation that aims to regulate the development, deployment, and use of artificial intelligence in the EU.

How Deloitte Can Help with AI Compliance

Deloitte can assist clients in carrying out the necessary steps to comply with AI Act, including:

  • Conducting a comprehensive risk assessment and vulnerability testing
  • Implementing effective data protection measures
  • Developing and implementing transparency and accountability procedures
  • Providing training and education on AI-related information security for staff