Europe has emerged as the most effective continent in the world at implementing cybersecurity measures.

Impending EU legislation – namely the Network and Information Security Directive – will mandate that critical infrastructure in industries like finance, banking, transport and energy is secure from cyberattack.

According to a study by ABI Research, Europe is ready to spend $35 billion on cybersecurity by 2021. Non-compliers to the new directives will face heavy financial penalties.

“Europe remains a lucrative target, as it is a prosperous and highly-connected region,” says Michela Menting, Research Director at ABI Research.

“The new directive will force operators to tackle cybersecurity issues in operational technologies, and notably in industrial settings, which is a huge step for many organizations.”

According to ABI, while the UK currently spends the most on its security measures it’s Norway that is the most prepared for attack. A brain drain isn’t helping any of the target industries, either, as there is a shortage in security specialists for sectors like banking to employ to bolster their defences.

“Cyber terrorist attacks are an immediate threat,” adds Menting. “And those terrorist organizations and cyber militants are going to target hospitals, power plants, public transport, water facilities, and beyond. These policies may seem revolutionary, but they are crucial to protect citizens.”

By Alex Hamilton

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by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com
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