Considering the cost of cybercrime to the global economy is growing at an unprecedented rate and has now been estimated to reach USD 2.1 trillion a year by 2019, no one argues on the importance of cybersecurity and the need to consolidate the cyber resilience of companies, governments and citizens.
Following the number and losses occurred in recent incidents, Brazil has been pinned at the epicenter of global cybercrime wave. It ranks second in the world for online banking fraud and financial malware and the challenges appear to be growing as digital services are playing an ever more significant part in every day life.
Brazilian policy makers have been called upon by both citizens as well as international organisations to build a common defense and respond to the threat but in order to consolidate an efficient national strategy against cybercrime a more broader public discussion needs to take place and collaboration at international level needs to be enforced.
In Europe, the European Parliament recently issued the Directive on security of network and information systems (NIS Directive) aimed at boosting the overall cybersecurity at European level by enforcing the implementation of domestic legislation, enhancing cross-border cooperation. The NIS Directive also looks into strengthening and streamlining cybersecurity cooperation across different sectors of the economy, including in cybersecurity training and education as well as knowledge exchange at international level.
Brazil and Europe, have identified the issue of security in the cyberspace as a major common challenge and are also building a partnership via the EU-Brazil research collaboration projects, like EUBra-BIGSEA, that addresses horizontal security and privacy aspects relating to access to and processing of collected information. European and Brazilian partners are jointly working to develop innovative and efficient technologies to guarantee the fulfillment of the security and privacy policies.
Since cybersecurity is a global challenge, finding the most effective ways to address cybercrime requires international collaboration, and Brazil and Europe are also working together under the G20 umbrella.
Furthermore Brazil has also been in discussions about joining the other 49 countries that have signed and ratified the Budapest Convention, a framework that facilitates international cooperation on fighting cybercrime as well as works to ensure a balance between the interests of law enforcement and the respect and protection of human rights.