This past year, Europe has taken significant strides in the race against cybercrime. Employing various strategies and technologies to safeguard individuals and businesses has been a primary focus.
Cybercrime made up a whopping $8 trillion USD globally in 2023. To put things into perspective, if cybercrime was measured as a country, it would be the world’s third-largest economy after the US and China, surpassing the wealth of entire nations.

Take it from Europe and start bringing a bit more awareness to the safety and protection against cyber threats. The following article will guide you with a better understanding of just what Europe is doing to battle against this large opponent.

The 2023 Efforts: A Recap

In May 2021, the EU established objectives to combat organized crime for the upcoming four years. These goals, which were set to be executed from 2022 to 2025 under the umbrella of the 'European multi-disciplinary platform against criminal threats' (EMPACT), are well underway.

The Cybersecurity market is projected to bring in a revenue of US$40.73bn in 2023 and Europe has been quick to intensify its battle against cybercrime. These multifaceted approaches are set to be implemented:

• Collaborative efforts: A strong emphasis on countries, law enforcement agencies, and tech experts working together to fight against cybercrime.
• Enhanced cybersecurity policies: A solid framework built to fortify defenses against evolving threats.
• State-of-the-art technologies: A plan to implement AI and machine learning to detect and neutralize potential risks.

What's on the Horizon for 2024?

By the end of next year, the cost of cyberattacks on the global economy is predicted to top $10.5 trillion. Yes, trillion. As of July 2023, Europe was given the green light to ensure that all digital data in the European Union meets the same cybersecurity standards, such as criminal background search. 

A new plan, called the “Draft Cyber Resilience Act,” suggests that things like phones or toys should be safe from cyber dangers and provide information to consumers about how safe the products are. Along with phones and toys, some other gadgets on the list are:

• Identity software devices.
• Password keepers.
• Smart home features.

At this point in our technological advancements, products should automatically get security updates on top of the regularly scheduled ones. If you want to start your journey to secure online activities, check out some VPN Cyber Monday deals and hide your internet connection from cybercriminals looking for an open door.

Conclusion

As Europe enters into the year 2024, a focus is placed on a commitment to innovation, collaboration, and proactive measures. Ready to face these challenges head-on, Europe has uncovered the key to a strong defense and cultivating a secure digital domain.

Keep your eyes peeled for new and exciting developments coming from Europe as it continues to lead the charge against cybercrime in the upcoming year!