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EU businesses increasingly vulnerable to cyber security threat

Posted On: Feb. 1, 2013 12:00 AM CST

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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