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EU Launches First European Public-Private Partnership on Cybersecurity, Plans $2B Investment

The European Commission has launched a new public-private partnership on cybersecurity expected to trigger €1.8 billion ($2B) of investment by 2020. The action plan includes the launch of the first European public private partnership on cybersecurity. "The EU will invest €450 million in the partnership, under its research and innovation programme Horizon 2020. Cybersecurity market players, represented by the European Cyber Security Organisation (ECSO), are expected to invest three times more. This partnership will also include members from national, regional and local public administrations, research centres and academia."

Impact of cybersecurity incidents: "According to a recent survey, at least 80% of companies in Europe have experienced at least one cybersecurity incident over the last year and the number of security incidents across all industries worldwide rose by 38% in 2015, compared to 2014."

Brexit Remorse? John Leyden, reporting in The Register: "Some security commentators reckon the Brexit vote means that British organisations are set to lose out on the benefits of this investment. However given the uncertain political climate in the UK — which remains a full member of the EU for at least two years and possibly longer — a UK lockout is far from definite."

[In Related News] European Commission adopts first EU-wide rules on cybersecurity "Firms supplying essential services, e.g. for energy, transport, banking and health, or digital ones, such as search engines and cloud services, will have to improve their ability to withstand cyber-attacks under the first EU-wide rules on cybersecurity, approved by MEPs on Wednesday."

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