Cyber threat may hit €10 trillion in 2025 says Splunk strategy boss
Splunk Chief Strategy Advisor for Europe, James Hodge, emphasises the importance of cyber resilience for businesses and highlights which businesses are most at risk of attacks.
ADVERTISEMENT
Did you know that total worldwide cyber attacks against companies surged in 2024, with the average number of weekly attacks being 44% higher than in 2023, according to cybersecurity solutions company Check Point? Education was the most impacted sector, with weekly attacks surging 75% on an annual basis.
Much of this has been driven by an increase in multipurpose malware and infostealer attacks - which steal your sensitive information.
These attacks come at a significant cost to companies with businesses taking around 75 days on average to recover from most cyber incidents.
It has also become much easier and faster for cyber attackers to steal data. Palo Alto Networks' threat research and intelligence division, Unit 42, found in 2021 that it took an average of 44 days for criminals to extract data, starting from the moment of security compromise.
This fell to 30 days in 2022 and only five days in 2023. Due to the rapid rise of artificial intelligence in 2024, this was slashed to just a few hours.
In this episode of The Big Question, Splunk's Chief Strategy Advisor for Europe, James Hodge, talks about the importance of making cybersecurity resilience a priority among businesses, while shedding light on how cyber attacks can have different consequences in each industry How much does the cyber threat cost Europe?
'€10 trillion is the estimated cost of the cyber threat in 2025,' James Hodge, Chief Strategy Advisor for Europe at Splunk, told Euronews.
'And by 2029, I think that's going to grow by 64%.'
Due to the digital nature of today's world, Hodge added that cyber attacks can come with a 'catastrophic consequence', especially when they impact essential infrastructure.
In the EU, smaller businesses are often at higher risk of cyber threats.
'Businesses that are less than $250 million (€239.5m) of revenue are twice as likely to have a cyber breach than businesses that's over $5 billion (€4.8bn) of revenue,' Hodge explained.
'This is mainly because of different levels of investment in cyber protection, as well as different cyber resilience approaches.'
Industries most vulnerable to cyber attacks include education, government, healthcare, telecommunications and construction, according to Check Point. Cost of cyber breaches far more than financial
The impacts of cyber security breaches are not only financial, but they often take a psychological toll on businesses as well. Attacks can harm client trust while also slowing the pace of innovation, as businesses ramp up cyber defences.
In order to succeed, businesses need to make cyber resilience one of their most important priorities, according to Hodge. This means that innovation can be maintained without being overly impacted by the financial and psychological costs of cyber security failure. ADVERTISEMENT
Planning for the aftermath of a cyberattack is also important, as safety mechanisms aren't a 'magic silver bullet', said Hodge. 'When a business starts to think about cybersecurity, they first should be thinking cross-functionally on what could go wrong, what is the impact of this? And let's plan for that failure.'
'If people don't take cyber resilience as the most important thing that they can be doing, they're going to fail as a business,' he warned.
The Big Question is a series from Euronews Business where we sit down with industry leaders and experts to discuss some of the most important topics on today's agenda.
Watch the video above to see the full discussion with James Hodge. ADVERTISEMENT
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Euronews
02-06-2025
- Euronews
The Big Question: Why should Europe look to invest in Morocco?
Morocco had the fifth highest GDP in Africa in 2024, according to Statista. At the same time, S&P Global Ratings upgraded the country's credit rating to BB+ with a positive outlook, replacing the previously stable outlook. This gives the country the third highest rating on the continent, after Botswana and Mauritius, which are the only nations to achieve 'investment grade status'. According to S&P, the BB+ status denotes an expectation that 'the Kingdom will strengthen its track record of implementing reforms to support growth and reduce its deficits.' This aligns with the country's conscious efforts to attract foreign direct investment and establish itself as a gateway between Europe and Africa. In this episode of The Big Question, Euronews' business editor Angela Barnes is joined by Ali Seddiki, general director of the Moroccan Agency for Investment and Export Development (AMDIE), to discuss the country's future role in the global economy. As Europe grapples with competitiveness challenges and uncertainty over its future economic relationship with the US, it is crucial for the bloc to explore other strategic partnerships. 'When we discuss with our European counterparts, we understand that green and ESG-compatible industries are important for Europeans. They are also looking for additional cost-efficiency, competitiveness, and also for future markets,' Mr Sedikki told The Big Question. 'Africa is also the market of the future [...] and clearly we think that Morocco is part of the solution for the European companies.' Morocco's Investment Charter, first introduced in 2022, seeks 'to raise the share of private investment to two-thirds of total investment by 2035.' The charter implemented investment support mechanisms, an improved business climate by simplifying processes and bureaucracy, improved governance so all regions can benefit, tax incentives and legal safeguards. 'It works on creating a suitable environment for investors, less bureaucracy, more efficiency,' Mr Sedikki explained. The country also created a Ministry for Investors and AMDIE 'to help investors and provide end-to-end services and we work as a one-stop shop for any kind of investor,' he added. Morocco has a growing green energy industry, with a particular focus on wind and solar. The Kingdom is aiming to source at least 52% of its electricity from renewables by 2030, positioning itself as a regional leader in the energy transition in Africa. 'What we want to make sure of is that this potential is used to positively impact the Moroccan economy,' Mr Seddiki noted. 'We have a great young population entering the job market, that's a huge opportunity, but also it's a challenge, we need to create jobs. So now the strategy is how can we leverage our natural, sustainable resources in order to create sustainable jobs for our young people entering the job market?' The Big Questionis a series from Euronews Business where we sit down with industry leaders and experts to discuss some of the most important topics on today's agenda. Watch the video above to see the full discussion with the Moroccan Agency for Investment and Export Development. UK house prices edged up slightly to 3.5% on an annual basis in May, up from 3.4% in April, according to Nationwide's latest House Price Index report. This was ahead of analyst estimates of 2.9%, pointing to a still-resilient UK housing market, despite cost challenges following stamp duty threshold decreases at the start of April. On a month-on-month basis, UK house prices jumped 0.5% in May, bouncing back from a -0.6% fall in April. This was more than the 0.1% increase expected by the market as well. The average UK house price was £273,427 (€324,232.5) in May, up from £270,752 (€321,053.7) in April. Nationwide's chief economist, Robert Gardner, said in the May house price index report on the company's website: 'Official data confirmed that there was a significant jump in residential property transactions in March, with buyers bringing forward their purchases to avoid additional stamp duty costs. 'Owner occupier house purchase completions were around twice as high as usual and the highest since June 2021, which was also impacted by stamp duty changes.' He also noted that mortgage approval data suggests market activity has remained resilient following the end of the stamp duty holiday, with underlying UK housing market conditions staying robust despite broader global economic volatility Alice Haine, personal finance analyst at online investment platform Bestinvest by Evelyn Partners, said in an email note to Euronews: 'While some buyers are clearly pushing ahead with their purchase journey, others may now be mulling their options more carefully as higher costs pose a fresh challenge. Lower stamp duty thresholds have the biggest impact on first-time buyers as they must now save enough to cover a potentially sizable tax bill in addition to their deposit.' She noted that this may encourage lenders to offer 100% mortgages to help first-time buyers get started on the property ladder, especially as several loan providers have already relaxed their requirements in an effort to draw more clients. Falling interest rates as the Bank of England loosens monetary policy somewhat has also helped borrowing conditions, although sticky-high inflation may slow progress. Businesses passing on higher employment costs to consumers, mainly because of changing US tariff conditions, could impact the housing market as well. 'Uncertainty is becoming the new normal and for many first-time buyers or home movers looking to refinance their existing mortgage soon, it may be better to push ahead with a purchase rather than wait for the ideal borrowing conditions,' Haine noted. "Plus, the traditional surge in listings at this time of year is a positive buyers can take advantage of, as a wider stock of homes to choose from raises the potential for heavier negotiation on price,' she added. According to a recent special report by Nationwide, average house prices in mainly rural areas have continued to grow faster than more urban areas, rising 23% between December 2019 and December 2024. This is compared to an 18% increase in mainly urban areas. Nationwide's chief economist, Robert Gardner, highlighted: 'The pandemic had a significant impact on housing demand during 2021 and 2022, with a shift in preferences towards more rural areas, particularly amongst older age groups. Whilst these effects have now faded, less urban areas have continued to hold the edge in terms of house price growth.' The report also revealed that among house owners who have moved in the last five years, 63% moved within the same type of area, mainly between large towns or cities. 9% of homeowners moved to rural areas such as hamlets or villages from towns and cities, whereas 7% did the opposite. Perhaps unsurprisingly, younger movers between the ages of 25 and 34 preferred to move to more urban localities, whereas older people, especially above 55 moved to more rural places.
Euronews
26-05-2025
- Euronews
The Big Question: How can we cut house prices and keep using concrete?
According to the European Commission, the construction industry in Europe provides 18 million direct jobs and accounts for about 9% of the bloc's GDP. It also produces roughly 250 million tonnes of carbon per year. That's more than the entire emissions of France in 2023 (216.7 million tonnes). With the EU Clean Deal's pledge to slash emissions by 90% by 2040, but the need for continued construction ever present, something needs to change. Concrete is the most widely-used material in the world, after water. So when deciding how to apply their innovative technology, despite it being applicable to bioplastics, regular plastics and paper, Paebbl opted to focus on concrete for maximum effect. In this episode of The Big Question, Angela Barnes sits down with Marta Sjögren, co-founder & co-CEO of Paebbl to discuss their technology which helps to trap carbon dioxide in concrete. 'Concrete is difficult to decarbonise because cement is difficult to decarbonise. Cement also, for various reasons, hasn't been really innovated on for quite a long time. There's really been no incentives,' Marta told The Big Question. But with the climate urgency, complex supply chains leading to rising prices and a general need for industrial resilience, the time is now. Paebbl has developed a technique which speeds up a natural process, which usually takes centuries, down to just an hour. Drawing CO2 from the atmosphere, the gas merges with magnesium silicates or calcium silicates to form a carbonate rock. This is then powdered down to create an industrial filler that can be mixed into concrete, reducing the quantity of cement needed in the mix. Every tonne of Paebbl's material stores up to 300 kg of CO2. Traditional cement emits around 600 kg of CO2 for every tonne produced, according to the IEA. Depending on how much of Paebbl's material is mixed into concrete, it could reduce the carbon footprint of concrete by up to 70%. 'The built environment, because it is such a huge source of emissions today, if you can flip that equation and if every single building can be storing a little bit of carbon as a carbon custodian, I think that goes a long way, both economically and environmentally,' Marta added. Despite only being a 3 year old company, Paebbl has already made enormous leaps. They've received backing from Amazon and the world's biggest cement manufacturer, Holcim, and over the course of 3 scale ups, have grown 1000 fold. 'We've just completed our demo plant in record time. So industry average time is about two to three years for building up such a project. We built ours in about 15 months and also under the industry average budget as well, under 10 million euros. 'Now the next step is about scaling that up to an industrially sized production facility.' While Paebbl are still producing at a small scale, the cost of their material is currently higher than traditional concrete ingredients, however as they continue to grow and produce larger amounts that cost will reduce. 'We foresee that we will be quite price competitive and that's because we're using CO2, which is usually a waste stream, and as an input in the mix,' Marta explained. Plus as it's a negative emissions technology, there's no carbon tax to pay either. In the long run, Marta hopes this will help reduce the cost of housing in Europe. Though she did stress the need for regulation to support the testing of new materials and the speed at which they can come to market. 'I believe that private companies will be at the very centre of this, leading the way in terms of creating a blueprint for how you can use the built environment as a sustainability solution and also save money. 'But let's not forget, most concrete today is used by public spaces. So hopefully the public projects that are going to be built in the coming decade, or slightly more than a decade, will learn quickly from the private sector and also therefore enable the larger scale up of these technologies.' The Big Questionis a series from Euronews Business where we sit down with industry leaders and experts to discuss some of the most important topics on today's agenda. Watch the video above to see the full discussion on decarbonising the construction industry.
Euronews
12-05-2025
- Euronews
Microsoft president: We want Europe to know that they can count on us
On 30 April, Microsoft announced its New European Digital Commitments, in a speech by the company's president, Brad Smith, in Brussels. In the commitments, Microsoft pledged to build a broad AI and cloud ecosystem across Europe, uphold Europe's digital resilience - even when there is geopolitical volatility - and, amongst others, strengthen Europe's economic competitiveness. However, in the current context, where much of the geopolitical volatility is coming from the US, is an American tech giant the right choice to be helping Europe? In this episode of The Big Question, Microsoft's vice chair and president, Brad Smith, joined Euronews' business editor, Angela Barnes, to discuss the company's latest plans. Brad's vision of Microsoft's purpose seems to be to 'provide technology that will make others, individuals and organisations, more successful.' As part of the group's plans to grow AI and cloud ecosystems in Europe, Microsoft has pledged to expand European data centre capacity by 40% over the next two years. This will mean more than 200 data centres in operation in 16 European countries. And while this development will bring with it the immediate employment opportunities, Brad was equally excited for 'the multiplier effect' for their customers and the economic benefits that could ensue. 'It is, I think, an engine of growth for what we like to describe as an AI economy: the economies of the world in an AI era. And I think we're just going to see AI as indispensable to almost everything that we, as businesses, as governments, as non-profits, want to do,' Brad told The Big Question. Whilst Microsoft's investments would be a great help as Europe struggles with competitiveness, it also shows the company's commitment to a continued presence across the bloc, no matter the geopolitical conditions. It's of course a mutually beneficial relationship. 'I don't think Microsoft would be the global success it is today without our longstanding presence in Europe,' Brad said. 'The truth is it's more than a quarter of our global business.' The 50 year old tech giant, founded in Albuquerque, New Mexico first launched its iconic word processing programme Word in 1983 and witnessed its first foray into the European market, offering the program in French and German. Paris was also where Brad personally started his Microsoft career, back in 1993. As part of their pledge to uphold Europe's digital resilience even when there is geopolitical volatility, Microsoft has added a clause to their agreements with European governments and the European Commissions to legally contest any power that tries to force them to suspend operations in Europe. 'I have every confidence that we would prevail in court. But we've also said that if we did not, we'll have a backup group of suppliers, partners here in Europe who'll have our code, our software code and our source code stored in a secure repository in Switzerland.' He hopes this will allay some people's fears around EU data security, while insisting that White House Officials have assured him this is not a move they're considering. When asked how Microsoft would react in the midst of a potential tariff war between Europe and the USA, Brad responded: 'We will take whatever comes and we'll help our customers adapt and we'll adapt. 'But mostly I want us to be a voice of reason that encourages the ties across the Atlantic that have been indispensable for eight decades now, since the end of the Second World War, to prevail, to use this as an opportunity for all of us in a way to step back and then recommit. 'Let's address the issues that bother people on either side of the Atlantic, but let's not forget how important these ties are, including for business.' The Big Questionis a series from Euronews Business where we sit down with industry leaders and experts to discuss some of the most important topics on today's agenda. Watch the video above to see the full discussion with Microsoft President, Brad Smith. The escalating trade tensions between the EU and the US, as well as the EU and China have led to rising business, economic and financial volatility in the last several months. Sticky-high inflation and relatively high interest rates have also contributed to the increasing uncertainty, while the ongoing cost of living crisis being seen in several parts of Europe has eroded start-up capital. As such, choosing which European country to set up a new business can feel like an especially daunting task at the moment. However, there is still a silver lining for founders, as the EU has been focusing more on ramping up its domestic production of goods and services, in an attempt to reduce its reliance on foreign countries. This involves welcoming more small and medium enterprises (SME) by offering a number of financing and support schemes such as EIC Accelerator, Horizon Europe, Women TechEU, EIC STEP Scale Up, Connecting Europe Facility (CEF) and more. The EU also has several knowledge tools such as the Your Europe Business Portal, Enterprise Europe Network and Erasmus for Young Entrepreneurs. According to the European Commission, the EU has around 35,000 early-stage start-ups in 2025. How easy it is to conduct business in any country means taking a few key factors into consideration. The World Bank's Ease of Doing Business index has classified these into 10 parameters. These include: Starting a business Dealing with construction permits Getting electricity Registering property Getting credit Protecting minority investors Paying taxes Trading across borders Enforcing contracts Resolving insolvency Euronews looks at where in Europe founders could have a relatively easier time setting up a business in the current economic environment. Estonia has been one of the most welcoming EU countries for foreign founders, offering a very pro-business legal and economic framework, while also being highly digitised. Its e-residency programme lets non-residents register their companies online, while taking care of their business needs digitally. It also allows them to make use of several Estonian government services from anywhere in the world. Other business transactions such as tax filings and banking transactions can be carried out online as well. It takes 15 minutes to set up a company, with 98% of businesses being set up online, according to Invest in Estonia. The country's tax system encourages reinvestment while also charging no tax on retained profits. Estonia also has relatively low bureaucracy, which makes it even easier to set up a business, while taking advantage of the EU's single market and being strategically located for both Baltic and wider European markets. Given the ongoing geopolitical turbulence being seen at the moment, having a location-independent business could prove to be a major advantage for new founders. The Republic of Ireland is another popular choice for starting a business in Europe, due to it being a high-income, very digitally developed economy. According to 1Office, smartphone usage has hit 90%, with household internet access also touching 92%, setting a good foundation for businesses with tech and digital products. With Enterprise Ireland investing in about 200 start-ups every year, the country sends out a very strong, welcoming message to entrepreneurs worldwide. According to the World Bank's Doing Business in the European Union 2020: Ireland study, several Irish cities rank highly on many of the above parameters. Businesses can very rapidly enforce contracts and get electricity smoothly in Cork. Dublin also does well regarding these two things, as well as starting businesses. Waterford is most efficient in issuing construction permits, whereas Galway is best at registering property, as well as starting a business. Ireland being a member of the European Union, OECD and eurozone, as well as using the euro and having English as one of the main languages, offers very attractive factors for European entrepreneurs. Entrepreneurs from the UK, Iceland, Norway, Switzerland and EU do not need any permits or visas to set up shop in Ireland. The country also facilitates the remote company set-up and registering for non-EU citizens. It also has one of the lowest corporate tax rates in the world at 12.5% and a Double Taxation Treaty with about 72 countries so far. Although Ireland has been struggling with a housing crisis lately, which has impacted businesses and foreign workers as well, the country still has a lot to offer new entrepreneurs. Bulgaria is a highly-favoured new business hub in Eastern Europe due to the relatively low bureaucracy involved in setting up a company, which takes only up to a couple of weeks. Administration costs are also very low, compared to most of Europe, as well as the corporate tax being only 10%. Foreign companies have no legal restrictions on buying land in the country, and only have to pay operational costs after registration. EU entrepreneurs can also avail of lower cost labour, highly-skilled and multilingual labour and a relatively low cost of living, while still having access to the European Single Market due to Bulgaria being part of the EU. Bulgaria's geopolitical location in the South East of Europe also provides convenient access to other established markets such as Greece and Turkey, while opening up opportunities in Serbia and North Macedonia. Bulgaria also allows remote company registration. However, corruption still remains an issue in the country, which needs to be taken into account while considering what type of business to set up and which part of the country to be based in. According to the World Economic Forum, the Netherlands is the fifth largest economy in the European Union, with a gross domestic product of about $990.6 billion (€918.7 billion), accounting for about 5.96% of the EU economy. Located very conveniently in Western Europe, Netherlands has an extremely cosmopolitan, highly educated and skilled workforce. The Dutch government provides a raft of business support schemes and tax incentives to new businesses. Although the corporate tax rate is a little higher than some other European options at 25.8%, a number of business owners could find it worth the price, for the location and market access. Incentives include an entrepreneur allowance, as well as a 30% ruling. This allows employers to pay 30% of foreign talent's salaries without tax being deducted. Furthermore, the government supports research and development, as well as innovation by refunding a variety of costs for companies conducting scientific research, or developing new innovative products, amongst others. The Netherlands is especially favoured by entrepreneurs with technologically advanced companies such as robotics and artificial intelligence, as well as retail. Denmark is another country where founders can set up a business with relative ease. It is consistently ranked highly by the World Bank in terms of ease of doing business, often bagging one of the top 5 spots worldwide. Registering a company in Denmark is relatively simple, with founders able to complete the process online. The process is quick and can sometimes take only a few hours. Denmark also offers a stable economy, along with a highly-skilled workforce and robust infrastructure. The labour market is relatively flexible, with lower hiring and firing costs. The country is reputed for its trust-based business culture, which can slash transaction costs, as businesses can cut down on complicated verification processes, extensive legal contracts and security measures. Denmark has an attractive corporate tax rate as well, set at 22% for most organisations. According to the British Business Bank, about 360,000 new businesses are set up in the UK every year. Forming a company is also relatively quick, easy and cheap, with postal applications being processed within eight to 10 days and online applications, within 24 hours. With one of the most diverse economies and workforces in Europe, the United Kingdom also has measures to support businesses in their first few years, when profitability is low. It also provides tax relief at the end of a business' life, with regards to the revenue gained from selling assets. Furthermore, the UK has a strong taxation and legal system, with efficient processes and a corporate tax rate of 25% for all limited companies. With a third of adults now having some kind of higher degree, the workforce is highly skilled and adaptable. A number of crowdfunding, venture capital and angel investment opportunities are also available for entrepreneurs, as well as government grants, funding and advice, through various government departments.
