The US and the EU have been trying to work together to strengthen cybercrime ecosystem to help protect the infrastructure that will underlie the next few decades.
As the article states, it is vital. The losses in Europe alone come close to 1% of global GDP. In times like we are in right now, that point could help improve the lot of millions worldwide. And perception is very much reality. So, the perceived safety of conducting transactions online is instrumental in driving adoption, especially in the case of government transactions.
As we push toward a more consolidated view of cloud computing, this becomes even more vital. For private companies to invest in the needed infrastructure moving forward, the current level of risk is prohibitive. Whether it is a small SaaS provider or the larges Platform providers, the level of risk in becoming a target of cybercrime is incredible. And the investment levels remain high as well. The equation starts to balance in the wrong direction and a correction is needed to ensure that we can, in fact, afford to provide the needed infrastructure, and protect it, moving forward.
The European Commission is taking many of the correct stands to ensure this happens, but member states need to take local action as well. And globally, we all need to realize that a weakness anywhere is indeed a weakness everywhere.