The economic cost of cyber crime in the EU is a whopping $316 billion (265 billion euros).
As a means to secure EU nationals from cyber attacks from other nations, the European Commission has decided to bolster cyber security in the bloc and is set to hike up its cyber security spending and unveil stricter consumer safeguards, among other means as it pushes for increased collaboration between law enforcement agencies.
The European Commission has also called for injecting a short-term spending plan aimed at achieving critical mass to overcome fragmentation within the region. As a first step it plans on spending $2.1 billion (1.8 billion euros) by 2020
Citing public and private estimates, the Commission’s report states the impact of cybercrime in the bloc has risen by 500% between 2013 and 2017. It estimates that it could potentially rise another 400% by 2019.
According to Europol, the economic impact of cyber crime on EU is $316 billion (265 billion euros) per year.
The Commission has also called for boosting the technical capacity for investigating cyber attacks; it has also called for a stronger regional cyber industry.
“In order to increase our chances of catching perpetrators, we need to improve our capacity to attribute cyber attacks to those responsible,” reads the report.
A significant aspect of its report address the need to develop a European encryption capability using next generation quantum technologies as a basis for secure digital identification systems, intellectual property protections and safe e-commerce.
As a result, the European Union is looking to establish a “duty of care” principle for products and softwares and has promised to put in place concrete proposals that will allow law enforcement agencies to collect electronic evidence, as early as 2018.
One of its proposal, has also called for the creation of a European Cybersecurity Research and Competence Centre which will coordinate the implementation of the proposed solution. The creation of this new agency will also strengthen the existing European Union Agency for Network and Information Security.
“The framework constitutes a first step in developing signaling and reactive capacities at EU and member-state level with the aim of influencing the behavior of potential aggressors,” reads the report as it looks for ways to help mitigate cyber attacks from other nations.
($1 = 0.8393 euros)