Market forces are inadequate, in terms of generating the necessary incentives for companies to improve products from a cyber security perspective, Mariya Gabriel, the European Commissioner for Innovation, Research, Culture, Education and Youth, said in her opening remarks at the EU Cyber Direct conference, held virtually, on Monday. "Firstly, there is relatively little competition", she said. "For instance, the desktop operating system industry is dominated by two companies, while the mobile operating system environment is characterised by a duopoly, a trend which applies to most digital sectors. This absence of effective competition adversely impacts the incentive for developers to produce secure code." She explained that in markets with dominant suppliers, "users tend to have very little bargaining power. They are not able to exert much pressure on vendors to provide solutions to exposed vulnerabilities, resulting either in delayed releases of solutions or poor quality ones." "According to several of our studies, cybercrime will cost the world EUR 5.5 trillion by the end of 2020, up from EUR 2.7 trillion in 2015. The rise in cost is due in part to cybercrime activity during the COVID-19 pandemic. If it happens, it will be more profitable than the global trade in all major illegal drugs." - Marya Gabriel, the European Commissioner for Innovation, Research, Culture, Education and Youth Creating a Secure Digital Society by Design The more devices we connect, the more vulnerabilities we open up," Gabriel said during her opening keynote address. Highlighting societal challenges, she said that users pay less…
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