The European Commission launched a public-private cybersecurity partnership today. The goal of the partnership is “to foster cooperation at early stages of the research and innovation process and to build cybersecurity solutions for various sectors.” Remaining competitive in the cybersecurity market is also a priority of the partnership. By 2020, the partnership will be funded to the amount of €1.8 billion—the EU providing €450 million and private partners providing the rest.

The partnership is a direct response to the seriousness of cyber-threats to European industry. The EC’s press release cites a recent study showing that, in the past year, 80% of European companies underwent at least one cybersecurity incident. The EC recognized that such cyberattacks harm both the integrity of European companies and confidence in European industry in the digital age.

The partnership represents a welcome step forward for the EU in addressing cyber threats to businesses. It remains to be seen, however, whether the funding and initiative of the partnership will be sufficient to protect European industry against an ever-growing threat.