EU Council and EU Parliament negotiators have reached a provisional agreement on the Cyber Solidarity Act and a targeted amendment to the Cybersecurity Act (CSA).
The Cyber Solidarity Act aims to enhance the EU’s ability to detect, prepare for, and respond to cybersecurity threats, protecting critical entities and essential services, and strengthening EU crisis management, and response capabilities.
Key mechanisms introduced by the Cyber Solidarity Act include the establishment of a pan-European ‘cyber security alert system’ for rapid threat detection and a ‘cybersecurity emergency mechanism’ for preparedness and incident response.
The targeted amendment to the CSA aims to enable the adoption of European certification schemes for ‘managed security services,’ focusing on ensuring quality, comparability, and preventing market fragmentation.
The next steps involve the approval of the agreements by the Council and the European Parliament for formal adoption.
The legislation proposals originated from the EU Cybersecurity Strategy in December 2020 and ministerial meetings in March 2022.
However, as cybercrime continues to increase in scale and severity, the cybersecurity industry is predicted to grow in the coming years.
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The cost of global cybercrime will reach $10.5trn annually by 2025, according to GlobalData’s thematic intelligence report on Cybersecurity, with cybersecurity revenues reaching $344bn worldwide by 2030.
The budget for actions under the Cyber Solidarity Act is €1.1bn, with about 2/3 financed by the Digital Europe program.
Negotiations began in December 2023, with trilogues held in February 2024 for the Cyber Solidarity Act and December 2023 for the CSA amendment.
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