Cyber Crime in Bulgaria Causes EUR 750 M Worth of Damage Annually

Business | September 26, 2013, Thursday // 14:41| Views: 2069 | Comments: 0
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Bulgaria: Cyber Crime in Bulgaria Causes EUR 750 M Worth of Damage Annually Bulgaria's Deputy Transport Minister Georgi Todorov, photo by BGNES

Cyber crime is causing serious damage to both the public and private sector and the issue of information security and data storage has become one of the priority axes of Bulgaria's national policy, according to Georgi Todorov, Bulgarian Deputy Transport Minister.

Speaking Thursday at the opening of the 12th International Conference on Information Security and Data Storage, Todorov cited EU data indicating that around 150 000 viruses and malware circulated online at any given time, infecting electronic devices of over 1 million consumers.

He emphasized that the efficiency of the steps taken by the state determined the confidence of citizens and businesses in e-governance.

Todorov made clear that cyber crime incurred losses amounting to over EUR 750 M on an annual basis in the form of time loss, missed financial opportunities and financial costs.

He pointed out that the public and the private sector did not always share information, as a result of which EU authorities failed to see the picture clearly and to address the problem with an adequate policy.

Todorov informed that an idea was being discussed to introduce an obligation on an EU level for key sectors like energy, banks, transport, internet services, and public administration to report breaches in online security.

He said that the proposal could be introduced through an EU Directive which would secure a high level of network and information protection.

He said that unless extra measures were taken to reduce the growing number of incidents, consumers' confidence in online services could suffer, thereby preventing the fulfillment of targets set in the EU program in the sphere of digital technologies.

He assured that Bulgaria was working actively to increase information security and data storage on a national and EU level.

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Tags: Deputy Transport Minister, cyber crime, malware, EU Directive
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