Security Experts:

Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Cybercrime

European Union Unveils New Cybercrime Unit

BRUSSELS – In a bid to seize the initiative from increasingly sophisticated online criminals, the European Union unveiled a new cybercrime center Wednesday.

Criminal gangs are using new technology to steal identities, empty bank accounts or profit from child sex abuse, and only a centralised system can combat them, EU Home Affairs Commissioner Cecilia Malmstroem said.

BRUSSELS – In a bid to seize the initiative from increasingly sophisticated online criminals, the European Union unveiled a new cybercrime center Wednesday.

Criminal gangs are using new technology to steal identities, empty bank accounts or profit from child sex abuse, and only a centralised system can combat them, EU Home Affairs Commissioner Cecilia Malmstroem said.

A new European Cybercrime Center (EC3) opening in the Hague alongside Europol on Friday “will give a strong boost to the EU’s capacity to fight cybercrime and defend an internet that is free, open and secure,” Malmstroem said.

“Cybercriminals are smart and quick in using new technologies for criminal purposes; the EC3 will help us become even smarter and quicker to help prevent and fight their crimes,” she added.

The new center is meant to scale up the response to a growing threat that recognises no boundaries, said Troels Oerting, who heads EC3.

“Our lives are led online,” Oerting said, stressing that “we can’t just put more locks on the door,” with the authorities having to focus on the criminals so as to anticipate their next move.

They “don’t need a gun anymore (to rob a bank) … they can get much more money just by using a computer,” he said, adding that key to success will be the sharing of resources to produce a coherent international response.

The Commission cites estimates that one million people fall victim each day to cybercrime, resulting in losses of 290 billion euros ($380 billion) a year.

In a recent report, the European Network and Information Security Agency warned that the criminals were one step ahead and called for more to be done.

“There is and always will be a permanent race in cyberspace between attackers and defenders. Unfortunately, at the moment attackers are one step ahead,” it said.

“In this race it is impossible to know and, finally, to beat the opponents without understanding their attack methods,” it said.

Written By

AFP 2023

Click to comment

Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest threats, trends, and technology, along with insightful columns from industry experts.

Expert Insights

Related Content

Cybercrime

Zendesk is informing customers about a data breach that started with an SMS phishing campaign targeting the company’s employees.

Cybercrime

The release of OpenAI’s ChatGPT in late 2022 has demonstrated the potential of AI for both good and bad.

Cybercrime

The FBI dismantled the network of the prolific Hive ransomware gang and seized infrastructure in Los Angeles that was used for the operation.

Cybercrime

A new study by McAfee and the Center for Strategic and International Studies (CSIS) named a staggering figure as the true annual cost of...

Ransomware

US government reminds the public that a reward of up to $10 million is offered for information on cybercriminals, including members of the Hive...

Ransomware

The Hive ransomware website has been seized as part of an operation that involved law enforcement in 10 countries.

Cybercrime

A recently disclosed vBulletin vulnerability, which had a zero-day status for roughly two days last week, was exploited in a hacker attack targeting the...

Application Security

PayPal is alerting roughly 35,000 individuals that their accounts have been targeted in a credential stuffing campaign.