European Commission increases penalties for crypto-scammers
One week ago President Jean-Claude Juncker made it clear: "In the past three years, we have made European citizens safer on the Internet". However, last year alone, 4,000 Ransomware attacks were reported and around 80 per cent of all European companies were exposed to at least one cyber attack.
Cyber attacks affect the economy
The impact of these IT attacks has increased by a five-fold over the last four years. For this reason, the European Commission is now proposing to introduce digital certificates which, like in the food sector, are characterized by safe products.
In response to the increasing attacks on IT structures, an information security authority is to be set up. It is to be set up at the European Network and Information Security Agency (ENISA).
Through this reaction it should be possible in the future also against large-scale cyber-attacks be armed.
The European Commission also wants to see changes in the area of cryptosis. This is to reduce fraud with non-cash. The Directive aims to provide the law enforcement services with other options, including all the information that can be found through digital currency transactions. It is true that this is not to be taken literally, but it could be deducted from the fact that the authorities in the future would be able to search the blockchain as a legitimate evidence.
In addition, joint and higher sentences for scammers are to be enforced in the Member States. This is to be welcomed, as scammers can currently move from EU country to EU country, without the law enforcement authorities in the new country have any idea.
By 2019, the European Commission expects a further increase in digital crime by a factor of four if no countermeasures are taken.