In recent years, lawmakers in countries around the globe have been working to catch up with the problem of exponentially increasing cyberattacks. One region where legislators have been working hard is the European Union, which announced its first-ever set of cybersecurity rules this week.

The proposed Network and Information Security Directive, announced by the European Parliament on Monday, attempts to harmonize business standards on cybersecurity preparedness and breach notification and grow cooperation across Europe on cyberdefense. The rules will affect some companies outside the EU as well.