Security & Fraud

EU Looks To Up Spending To Counter Cybercrime

The European Commission is hoping to better bolster its cybersecurity operation with better consumer safeguards and a greater ability to deter attacks from abroad.

The specific proposals were due to be released with a report by the EUC later in September — however, Reuters managed to obtain early access to a copy.

In it are calls for more spending on the EU's part, money aimed at pushing a critical mass in investment interest and also pushing through fragmentation within the European continent.  A year ago, the EUC already earmarked 1.8 billion euros for expenditures in the region by the year 2020.  The EU acknowledged that initial $2.1 billion as a “first step” in heading off the 265 billion euros ($316 billion) the region experiences per year in cybercrime related losses.

“In order to increase our chances of catching perpetrators, we need to improve our capacity to attribute cyber attacks to those responsible,” the report notes.

Among other suggested paths in the report is the development of a European encryption capability system built out of quantum technologies that would be used as a basis for secure digital identification systems, intellectual property protections and safe eCommerce.

Another proposal advocates the creation of the European Cybersecurity Research and Competence Centre to coordinate proposed solutions.

Overall, the general goal of the report is to create a single framework for all stakeholders — the EU, member states, industry, citizens — to build a more resilient system that is more resistant to cyberattacks.

“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,” the report noted.



About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS  examines consumers’ understanding of real-time payments and the methods they use for different types of payments. The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.