The European Commission unveiled on Monday a 14% increase in its cyber security long term budget, an amount that fails to meet the industry?s expectations, IDG News reports.
Brussels is putting an extra 50 million euros on top of the 350 million allocated in the last budget, to fund cyber research between 2014 and 2020.
An additional 450 million euros have been assigned to the Secure Societies Research programme, which includes aspects of cyber security.?
But the spending increase was dismissed by one security expert as being ?paltry?.
Speaking to IDG News, Rik Ferguson, director of security and research communication at Trend Micro, said: ?The commercial security industry is already pooling resources with not-for-profit organizations, and government has made much of the risk from cybercrime. It is time to make the commensurate investment.?
The EU is putting an extra 50 million euros on top??350 million allocated in the last budget.
The European Commission estimates that the worldwide cost of cybercrime amounts to 750 billion euros annually in wasted time, lost business opportunities and fixing problems.
The 400 million-euro budget will fund more than half a dozen projects, IDG reports.
These include Syssec, a Europe-wide network focused on finding ways to predict threats and vulnerabilities; Nessus, which supports the development of secure service architectures; SecureChange Project, which tests new parts of software; and TClouds, which aims at building trustworthy cloud storage services.
Increasing cyber security budgets has become a global trend amid heightened worries over cyber warfare.
Last year, in a review of defence strategy, Prime Minister David Cameron said the UK?s cyber security budget would grow by ?650 million over the next four years. The government also launched last month a Cyber Security Guidance for Business.
Speaking at the event, Business Secretary Vince Cable said: ?Cyber security threats pose a real and significant risk to UK business by targeting valuable assets such as data and intellectual property. By properly protecting themselves against attacks companies are protecting their bottom line.?
He added: ?Ensuring this happens should be the responsibility of any chief executive or chair as part of an approach to good corporate governance which secures a business for the long-term.?
Vince Cable. Cyber security budget is expected to grow by ?650 million over the next four years.
Despite the proposed increases, the European and British cyber security budgets combined are a fraction of that of the United States.
Earlier this year, President Obama asked Congress for?769 million US dollars to fund information security initiatives through the Department of Homeland Security in 2013.
This is nearly twice the amount allocated in 2012.
A few weeks ago a US congressional report designated Huawei Technologies Inc, a Chinese technology equipment firm, as a potential national security threat.
Canada?s public safety minister, Vic Toews, said last month his department would spend an additional 155 million Canadian dollars over the next five years on cyber security.
This means, Canada?s budget for cyber security will more than double, the Wall Street Journal reports.
Source: http://biztechreport.co.uk/2012/11/eus-cyber-security-budget-is-paltry-expert-says/
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