The European Commission plans to spend €450 million in a cybersecurity initiative that will raise an additional €1.35 billion from private investment.

The combined €1.8 billion aims to strengthen digital ties between EU nations and help develop more secure technologies, products and services.

Brussels combats sprouting cybercrime

“Without trust and security, there can be no Digital Single Market. Europe has to be ready to tackle cyber-threats that are increasingly sophisticated and do not recognise borders,” said Andrus Ansip, Vice-President for the Digital Single Market.

“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,”

Cybersecurity firms, represented by the European Cyber Security Organisation (ECSO), will partner with members from national, regional and local public administrations, research centers and academia, and are expected to invest the €1.35 billion.

The Commission says that “the aim of the partnership is to foster cooperation at early stages of the research and innovation process and to build cybersecurity solutions for various sectors, such as energy, health, transport and finance.”

Günther H. Oettinger, Commissioner for the Digital Economy and Society, added: “Europe needs high quality, affordable and interoperable cybersecurity products and services. There is a major opportunity for our cybersecurity industry to compete in a fast-growing global market.

“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. The milestone partnership on cybersecurity signed today with the industry is a major step .”

The Commission also aims to ease access to finance for smaller businesses working in the field of cybersecurity and “will explore different options under the EU investment plan.”