EU’s latest steps on cyber will improve security, Moody’s says, but also increase business costs

European Union officials are advancing two legislative proposals to expand the scope of industries covered by cybersecurity requirements and to ensure resiliency in the financial sector, which Moody’s Investor Service says will improve cyber and credit ratings within the bloc while also raising compliance costs especially for small businesses.

“In May 2022, the European Union (EU) authorities reached provisional agreements on two pieces of legislation which will tighten cybersecurity requirements for companies, and apply them to a wider range of...