The European Commission has proposed devoting 1.1 billion euros (about $1.2 billion) to new cybersecurity initiatives.
The proposal of the European Union Cyber Solidarity Act comes at a time when cybersecurity incidents pose a growing threat, driven in part by cyberattacks related to Russia’s invasion of Ukraine, the commission said in a Tuesday (April 18) press release.
“The Cyber Solidarity Act establishes EU capabilities to make Europe more resilient and reactive in front of cyber threats, while strengthening existing cooperation mechanism,” the commission said in the release. “It will contribute to ensuring a safe and secure digital landscape for citizens and businesses and to protecting critical entities and essential services, such as hospitals and public utilities.”
Read more: Regulating Cybersecurity
The proposed regulation will now be examined by the European Parliament along with the commission, according to the release.
One element of the act is the proposed establishment of a European Cyber Shield composed of national and cross-border entities tasked with detecting cyber threats, sharing warnings about threats and incidents, and enabling authorities to respond more quickly and effectively, the release said.
Security Operations Centres (SOCs) contributing to the European Cyber Shield are to be established across the EU and are expected to be operational by early 2024, per the release.
Another part of the EU Cyber Solidarity Act is the creation of a Cyber Emergency Mechanism that will test the preparedness of entities in highly critical sectors, create a reserve of pre-contracted providers who can respond to large-scale cybersecurity incidents, and enable EU member states to provide financial support to other member states, according to the release.
The proposed regulation also establishes a Cybersecurity Incident Review Mechanism that will help the EU improve its resilience to cyberattacks by reviewing and drawing lessons from past incidents, the release said.