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Telefónica acquires Govertis and strengthens its position in the cybersecurity sector

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Vicente Moret analyses the adaptation of companies to the new European regulatory framework that will soon be approved in the field of cybersecurity

Companies are preparing to adapt to the new European regulatory framework that will be approved in the coming weeks regarding cyber security. In the case of Telefónica, it has been placed at the forefront by acquiring the consulting firm Govertis through its cybersecurity company ElevenPaths.

Against this backdrop the way is opened to more similar operations within an emerging and key sector such as cybersecurity, which is very much in the news due to the coronavirus pandemic itself, which has driven the digital transformation of many companies and increased their risks and cyberattacks in recent months.

Vicente Moret, Of Counsel from the Andersen's Procedural Law area, highlights that this commercial transaction stems from three concepts, the normative one; another of risk and a third of digital transformation. He advises us that a new regulatory framework is about to take shape with a new edition of the NIS Directive, with a new Certification and Cybersecurity Regulation developed by the European Agency Enisa, and that will mean an important change in the current situation. Therefore, we are in a process of regulatory change at this time that will govern cyber security in Europe.

Regarding the adaptation of Spanish companies to this new regulatory environment, Moret stresses that those companies located in critical sectors such as energy and transport, will do so without problems. There is a layer of large and medium-sized companies that will have to make an effort to adapt, just like most Spanish SMEs. We cannot forget that the pandemic has forced many companies to face up to their digital transformation, where cyber security is now key.

Also, he recognizes that, this is a booming market. Operations of this type are already taking place in the United States. Companies such as Telefónica warn that it is important to comply with such regulations from the point of view of compliance. There is new cyber-security compliace emerging, where Telefonica wants to provide the full service with this integration.

Furthermore, he states that, this makes the risk element relevant, there are civil lawsuits being filed by third parties in the US as well, against companies that do not have adequate cyber security protection and have been harmed by this lack.

The full article can be read in Confilegal

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