EC triggers €1.8 billion cybersecurity investment with industry agreement

Public-private partnership is to develop cybersecurity solutions for the EU and will trigger a significant €1.8 billion of investment.

The European Commission has signed a public-private industry agreement to push for greater cybersecurity across Europe, which is set to trigger a €1.8 billion wave of investment by 2020.

The agreement will see the launch of the first European public-private partnership to “build cybersecurity solutions” and “foster cooperation at early stages of the research and innovation process.”

The European Union will invest €450 million into the partnership, with cybersecurity market players expected to invest three times more.

Andrus Ansip, vice president for the Commission’s Digital Single Market strategy, stressed that Europe must be ready to tackle cyber threats, which do not recognise borders.

He said: “Today, we are proposing concrete measures to strengthen Europe’s resilience against such attacks and secure the capacity needed for building and expanding our digital economy.”

A recent survey conducted by PwC found the risk of cyber threats to European companies is prominent and growing.

At least 80% of companies in Europe have been subject to one or more cyber attacks over the course of the last year, according to PwC.

Commissioner for the Digital Economy and Society, Günther Oettinger said the partnership is a major step.

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.”