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EU Requests $2B As A Public-Private Cybersecurity Investment

The European Union is eager to cooperate with private companies to fund cybersecurity research. Computerworld reports the EU has already planned to give €450 million ($500 million) for this purpose but is requesting the industry to make some contribution to bring the total amount to $2 billion.

The European Union on Cyberattacks

According to a recent report released by the EU’s executive body, the European Commission, cyberattacks could destroy the digital single market, as well as the economic and social life as a whole.

The cybersecurity public-private partnership (cPPP) aims to facilitate global research into cybersecurity. Also, it focuses on helping develop a variety of security products and services for various industries such as health, energy, finance, and transport.

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New Cybersecurity Solutions

In 2015, the European Commission intended for initiating security protocols between member states and EU lawmakers through its Network and Information Security Directive. However, the details of these security plans were being argued because several regulators were not sure which companies should be kept accountable for the rules.

The goal is to use search engines, social networks, cloud computing services, and eCommerce sites to inform authorities about potential breaches. According to Andrus Ansip, the European Commission’s digital chief, the new measure will allow for building consumers’ trust in the cross-border and internet services they use at home.

The directive is put forward at a time when the world faces increased concerns over cybersecurity threats and accompanying data breaches. Ansip notes that the Internet is borderless, and if there is a problem in one country, it can spread to other European countries as well. Thus, he believes, new cybersecurity solutions should be applied throughout the European Union. He considers the agreement a crucial step in this concern.