With this significant announcement, the EU admitted that to date, it has not been ready to address cyberattacks. The EU reported that last year there were more than 4,000 ransomware attacks per day, and 80 percent of European companies experienced at least one cybersecurity incident. The economic impact of cybercrime has risen fivefold over the past four years alone and could further rise by a factor of four by 2019. A vast majority of Europeans regard cybercrime as an important challenge to the EU’s internal security, significantly more important than privacy, for which the EU ostensibly created the General Data Protection Regulation (GDPR).
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