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$2B Public-Private Cybersecurity Investment Requested By EU

The European Union (EU) wants to cooperate with private companies to provide funding for cybersecurity research. Computerworld reports the EU has already provided €450 million or $500 million for cybersecurity investment and requested the industry to bring the total amount up to $2 billion.

A recent report has recently been released by the EU’s executive body, the European Commission, that cyberattacks are likely to undermine the digital market, economic and social life as a whole. The cybersecurity public-private partnership (cPPP) aims to facilitate the global research into cybersecurity and help build security products and services for industries such as energy, finance, health, and transport.

In 2015, the EU Network and Information Security Directive proposed to initiate security protocols between member states and EU lawmakers. The details of the security plans were put under question and some regulators were not sure which companies should be held accountable for this.

The regulations focus on eCommerce sites, social networks, engines, and cloud computing providers can keep authorities informed about potential security breaches. Some members of the European Parliament suggest that it should only be implemented for major sectors such as energy, finance, and transport.

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According to the European Commission’s digital chief Andrus Ansip, Reuters in December that the new measures will enable consumers to create trust in the cross-border and domestic internet services used. The directive comes at a time when there’s increased concern with regard to the threat of cyberattacks and the privacy and security breaches accompanying them.

The Internet has no borders. A problem in one country can have a shocking effect in the rest part of the European region. This is why we need EU-wide cybersecurity solutions. The aimed collaboration is an important step in this direction.