Brexit ‘will cause UK cybersecurity firms to lose €1.8bn EU investment’

UK cybersecurity firms may lose out on the benefits of a €1.8bn investment from the European Union (EU) if the country ‘Brexits’.

The news comes after the European Commission (EC) announced the launch of a new public-private partnership on cybersecurity.

As part of the partnership, announced today, the EC is expected to invest €450m under Horizon 2020, its research and innovation programme.

Cybersecurity market players, represented by the European Cyber Security Organisation (ECSO), are expected to invest three times more.

A spokesperson for European Commission told Tech City News that cybersecurity companies in the UK would benefit from the investment so long as the country remains part of the EU.

The spokesperson added: “The Statement of 29 June of the Heads of State or Government of 27 Member States, as well as the Presidents of the European Council and the European Commission, confirms that until the UK leaves the EU, EU law continues to apply to and within the UK, both when it comes to rights and obligations. This includes the eligibility of UK legal entities to participate and receive funding in Horizon 2020 actions.”

The announcement comes after a recent survey found that at least 80% of European companies experienced at least one cybersecurity-related incidents over the last 12 months.