EU Cybersecurity Overhaul: $400 Billion Expense Looms
The European Union's proposal to enhance cybersecurity by eliminating Chinese equipment could cost over $400 billion in the next five years, with Germany shouldering nearly half the cost. China's Chamber of Commerce has voiced concern, urging the removal of certain definitions and threatening countermeasures if changes aren't made.
- Country:
- Belgium
The European Union faces a potential financial burden exceeding $400 billion as it moves to tighten cybersecurity measures, phasing out Chinese equipment in critical sectors. This initiative, strongly opposed by China, aims to replace hardware from suppliers deemed high-risk.
Germany, expected to incur approximately half of these costs, along with five other EU nations, will face significant economic challenges. Key sectors affected include telecoms and energy, vital to the EU's digital and green objectives.
Despite the high costs, these cybersecurity proposals are still in the legislative process. This has prompted threats from China, demanding revisions and hinting at retaliatory measures if the EU remains unyielding.
(With inputs from agencies.)
ALSO READ
UPDATE 1-Germany, France, Belgium, Ireland, Netherlands to send planes for passengers on hantavirus-hit cruise ship
Germany, France, Belgium, Ireland, Netherlands to send planes for passengers on hantavirus-hit cruise ship
Police called to hostage situation at bank in western Germany
UPDATE 2-Germany's tax experts cut revenue forecast, adding pressure on strained budget
EXPLAINER-Can Trump pull thousands of US troops out of Germany?
Google News