EU technology chief Andrus Ansip predicted that member states will ask for money from a planned European emergency fund if they suffer major hacking attacks, despite wariness over the EU stepping up its cyber security plans.
The European Commission will add funds and new powers for the EU cyber security agency and introduce a range of measures to limit threats from hackers, Commission President Jean-Claude Juncker announced in his annual state of the union speech on Wednesday (13 September).
The brave new world of data presents many challenges for the financial services industry and regulators alike. But if the right approach to regulating technological change is taken, Europe will continue to be a globally leading centre in the future, writes James Kemp.
One week before the European Commission is expected to present a slew of new cyber security proposals, Vice-President Andrus Ansip said that the new measures will not take away too much power from national authorities.
EU digital chief Andrus Ansip wants to set up a new office to certify the cybersecurity level of technology products -- which would make them more competitive globally -- as part of an overhaul of the bloc's rules in September.
A major, global cyber-attack could trigger an average of $53 billion (€46.30) of economic losses, a figure on par with a catastrophic natural disaster such as US Superstorm Sandy in 2012, Lloyd's of London said in a report today (17 July).
MEPs are pressuring the European Commission to propose new cyber crime rules on hacking vulnerabilities, encryption and information sharing between EU countries, ahead of a legal overhaul planned for September.