US, EU Plan To Broaden Internet Security Cooperation At Cyber Dialogue Meeting

The United States and the European Union are planning to broaden bilateral cooperation to combat cybersecurity threats, the U.S. State Department announced Thursday, ahead of the U.S.-EU Cyber Dialogue meeting.

Several key issues, including international security in cyberspace and measures to develop Internet governance in 2015, are expected to be discussed at the event on Friday. The agenda also includes discussions on “the calendar of upcoming events, the promotion and protection of human rights, and capacity building.”

“The inaugural meeting … will formalize and broaden cooperation on cyber issues as envisioned during the U.S.-EU Summit,” the State Department said, in a statement, adding that both the U.S. and EU “work in close coordination on cyber-related issues both bilaterally and in multilateral fora.”

The state department's announcement follows the FBI's warning earlier this week that hackers used malicious software to launch destructive attacks in the U.S. This comes in the wake of a cyberattack that crippled the computer network of Sony Pictures Entertainment last month. The federal agency also said that the malware can override existing data on hard drives, “which can make them inoperable,” and even shut down networks, Reuters reported.

According to a recent report released by Intel Security and the Center for Strategic and International Studies, cybercrime costs the global economy up to $575 billion a year, with losses in the U.S. alone amounting to $100 billion.

The estimated $100 billion cost for the U.S. means 200,000 lost jobs, Politico reported, citing the report. And, economic losses to the global economy from cybercrime is expected to increase manifold over time, the report warned.