The European Commission has launched a public-private partnership on the development of cybersecurity technologies that is expected to result in 1.8 billion euros, or $2 billion, of investments by 2020.
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Kevin Bocek, chief security strategist at cyber security firm Venafi, said: “It’s good to see the European Union increasing funding and making cybersecurity a top priority, but sad given Brexit UK universities and companies will be set to lose out on the investment”. The EU will provide €450 million of the €1.8 billion as part of its Horizon 2020 research and innovation programme. Representing the private sector, ECSO will work directly with the European Commission to improve Europe’s industrial policy on cybersecurity.
It was created as a partnership between the Commission, research centres, and administrations across the continent.
Citing research suggesting that about 80% of European companies have experienced at least one cybersecurity incident in the previous year, the commission said the partnership intends to advance cooperation at early stages of the research and innovation process as well as build cybersecurity solutions for several sectors like energy, finance, transport and health.
The announcement comes after a recent survey found that at least 80% of European companies experienced at least one cybersecurity-related incidents over the last 12 months.
Vice president for the Digital Single Market, Andrus Ansip, said there could be no digital single market without trust and security.
Commissioner for the Digital Economy and Society, Günther Oettinger said the partnership is a major step.
The Commission is also looking at putting a certification program into place for the cybersecurity market. There is a major opportunity for our cybersecurity industry to compete in a fast-growing global market.
He added: “We call on Member States and all cybersecurity bodies to strengthen cooperation and pool their knowledge, information and expertise to increase Europe’s cyber resilience”.
Further, it wants to ease access to finance for smaller businesses working in the field of cybersecurity. The adoption of the first EU-wide legislation on cybersecurity will support and facilitate strategic cooperation between Member States as well as the exchange of information.
The European Parliament has approved the Network and Information Security directive, which sets out a common EU approach on cyber security.
Questions and answers on the Directive on Security of Network and Information Systems.
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By developing the cybersecurity industry in Europe, the Commission also hopes to profit from others’ digital insecurity.
