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EU businesses increasingly vulnerable to cyber security threat


Cyber security has come under the limelight as global economies become increasingly vulnerable to threats involving cyber security, E.U. commissioner Neelie Kroes said, speaking ahead of the launch of a new cyber security strategy.

The European Parliament reported that only 25% of E.U. companies have formal Information Communications Technology security policy that is reviewed on a regular basis. PricewaterhouseCoopers Ltd. found that in the U.K., 75% of small businesses and 93% of large ones were hit by a cyber security breach in just one year. The World Economic Forum said that over the next decade, there is a 10% probability of a major breakdown costing over $250 billion. The E.U. is set to launch its proposals on cyber security strategy on Feb. 7. E.U. commissioner Neelie Kroes said the strategy will propose a "comprehensive approach plus cooperation between the countries of the EU and between public and private sectors".

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