logo
Industry groups urge quick adoption of EU cybersecurity label that favours Big Tech

Industry groups urge quick adoption of EU cybersecurity label that favours Big Tech

Reuters28-02-2025
BRUSSELS, Feb 28 (Reuters) - Twenty-three industry groups across Europe have urged EU tech chief Henna Virkkunnen to adopt a draft cybersecurity certification scheme (EUCS) for cloud services that was tweaked last year in favour of Amazon (AMZN.O), opens new tab, Alphabet's (GOOGL.O), opens new tab Google and Microsoft (MSFT.O), opens new tab.
The call came amid signs that the European Commission may delay adopting or even scrap the proposal, which has gone through several changes since it was unveiled by EU cybersecurity agency ENISA in 2020.
The labelling scheme aims to help governments and companies pick a secure and trusted vendor for their cloud computing needs. The global cloud computing industry generates billions of euros in yearly revenue.
"We would like to respectfully urge your support for the swift adoption of the European Cybersecurity Certification Scheme for Cloud Services," the groups said in a joint letter dated February 11 to Virkkunnen seen by Reuters.
They said the March 2024 draft"made good progress in balancing between robust security standards and the inclusive, open-market principles that are critical for the growth and resilience of Europe's digital economy".
The groups said the 2024 changes - which included scrapping provisions requiring U.S. tech giants to set up a joint venture or cooperate with an EU-based company to store customer data in the bloc in exchange for the highest level of the cybersecurity label - allow the scheme to focus on technical criteria rather than political ones.
Signatories to the letter include Allied for StartUps, the American Chamber of Commerce in Estonia, Finland, Italy, Romania and Spain, the Association of German Banks, Germany's Association of the Internet Industry and Italian startup group InnovUp.
The Irish Business and Employers Confederation, Dutch group Nederland Digitaal and Portugal's Association for the Promotion and Development of the Information Society also signed the letter.
The Commission confirmed receipt of the letter and said it would reply in due course.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Amundi warns US stablecoin policy could destabilise global payments system
Amundi warns US stablecoin policy could destabilise global payments system

Reuters

time25 minutes ago

  • Reuters

Amundi warns US stablecoin policy could destabilise global payments system

LONDON, July 3 (Reuters) - Europe's largest asset manager has raised concerns that a boom in dollar-backed stablecoins in the wake of the United States' GENIUS Act could cause a major shift in money flows that destabilises the global payment system. The U.S. Senate passed the GENIUS Act a bill last month to create a regulatory framework for the U.S.-dollar-pegged cryptotokens. It is expected to be passed by the House of Representatives and approved by President Donald Trump, leaving other countries worried about a wave of so-called 'dollarization' of economies if their own populations buy them. "It could be genius, or it could be evil," Amundi Asset Management's chief investment officer Vincent Mortier told Reuters, voicing his concerns about the U.S. act. JPMorgan expects the amount of stablecoins in circulation to roughly double to $500 billion in the next few years, although some estimates have put it as high as $2 trillion. As stablecoins need be pegged to the dollar under the U.S. act, it will trigger buying of U.S. Treasury bonds. That has its benefits for the U.S. as it grapples with a gaping budget deficit, but could also pose problems for the U.S. and other countries. "In doing so you create an alternative to the U.S. dollar and that could lead to more weakening of the dollar," Mortier said. "Because if a country is pushing a stablecoin, it could be perceived as pushing the message that the dollar is not that strong." Currently, 98% of all stablecoins are pegged to the dollar, but more than 80% of stablecoin transactions happen outside the United States. Italy's finance minister, Giancarlo Giorgetti, warned in April that the U.S. stablecoin policies presented an "even more dangerous" threat to European financial stability than Trump's trade war. His argument was that access to dollars without needing a U.S. bank account would be attractive to millions of people and could undermine countries' monetary sovereignty. The Bank for International Settlements issued a similar warning on the risks posed by stablecoins, noting their potential to undermine monetary sovereignty, transparency issues and the risk of capital flight from emerging economies. Mortier, who oversees the 2 trillion euros ($2.36 trillion) of assets Amundi manages - none of which are in crypto - said he still had not fully made up his mind about stablecoins, but the worry was that a mass uptake could impact financial stability. As well as the dollarization issue, they would become "quasi-banks" he said, as people will deposit money in a coin assuming they can take it out again whenever they want. They will also be used as a direct means of payment. "It could potentially destabilise the global payment system," he said. "I'm not so sure it's a good idea". ($1 = 0.8483 euros)

Battle of the billionaire yachts: Inside the most lavish boats owned by top moguls, celebrities and heiresses
Battle of the billionaire yachts: Inside the most lavish boats owned by top moguls, celebrities and heiresses

Daily Mail​

time40 minutes ago

  • Daily Mail​

Battle of the billionaire yachts: Inside the most lavish boats owned by top moguls, celebrities and heiresses

Many of the world's billionaires are not shy about flaunting their fortunes, forking over millions on lavish estates, luxurious private jet rides, and in the latest craze: massive yachts. That's right, from sleek sailing vessels to floating mega-mansions complete with helipads and onboard pools, the superyacht has become the ultimate billionaire playground. Take Amazon founder Jeff Bezos, 61, for example - he owns an astounding 417-foot water vessel, called Koru, worth a whopping $500 million. The billionaire tech mogul is often seen vacationing in Europe with his now wife Lauren Sanchez, 55, on the expansive boat. Koru is a special place for this couple as it was where the billionaire proposed to the former journalist in 2023. But he's not the only wealthy star to spend a fortune on a big boat. Here, FEMAIL has put together a list of the most lavish yachts owned by sports stars, heiresses, entrepreneurs and filmmakers. Amazon founder Jeff Bezos' $500 million superyacht Amazon founder Bezos bought Koru in 2018, and it is named after the Maori word for 'new beginnings.' The boat comes complete with three decks, a pool, a helipad, three Jacuzzis, and a sun terrace - perfect for the 18 guests it can accommodate. It is the world's tallest sailboat with masts measuring 230 feet. There is also a wooden figurehead that bears a striking resemblance to Sanchez, though the former journalist insists it was modeled after the Norse Goddess Freyja. Koru was built by Oceanco, with exterior design by Dutch firm Dykstra Naval Architects, and naval architecture by Dykstra Naval Architects and Lateral Naval Architects, per Architectural Digest. Bezos - who is worth $226 billion - is reportedly charged an estimated $25 million a year to staff and operate Koru. Koru's dedicated support vessel Abeona, which cost $75 million, is similarly impressive. The accompanying boat has 246 feet of storage for the tycoon's helicopter, jet skis, and luxury cars. DreamWorks founder David Geffen's $590 million yacht Rising Sun is a 454-foot-long motor yacht owned by DreamWorks founder David Geffen, 82. The $590 million yacht was designed by Jon Bannenberg, built in 2004 by Germany 's Lurssen, and last refitted in 2007. It was initially built for the co-founder of Oracle Corporation, Larry Ellison, and is considered to be one of the largest yachts in the world, per SuperYacht Fan. David - who is worth roughly $8 to $9 million - has owned the massive boat since 2010 after only buying a half share initially in late 2006. The superyacht can accommodate 16 guests and has a gym, basketball court, wine cellar, helicopter pad and movie theater amongst its 82 rooms. David often has a star-studded list of celebrities on board including Leonardo DiCaprio, Bruce Springsteen, Gayle King, Julia Roberts, Maria Shriver, Oprah Winfrey, and Orlando Bloom to name a few. Geffen and his crew self-isolated in the Grenadines on Rising Sun during the COVID-19 pandemic. Filmmaker Steven Spielberg $250 million yacht The 357-foot superyacht, which was built in the Netherlands by luxury firm Oceanco in 2022, can carry 14 guests in its seven cabins as well as 30 staff across another 15 cabins Steven Spielberg, 78, and his wife Kate Capshaw are often seen enjoying their $250 million yacht Seven Seas. The 357-foot superyacht, which was built in the Netherlands by luxury firm Oceanco in 2022, can carry 14 guests in its seven cabins as well as 30 staff across another 15 cabins. The famous filmmaker - whose net worth is $5.3 billion - called the yacht Seven Seas after he sold his decade-old 282-foot yacht with the same name in 2021. He also chose the name in honor of his seven children, per SuperYacht Fan. Seven Seas, which was designed by Sinon Yacht Architecture & Design, boasts a large pool at the rear, a spa pool on the deck, and a crew of 30. There are some reports it also has a helicopter landing pad at the front. The megayacht is powered by twin MTU 20V 4000 M73L diesel engines that can produce 4,813 HP each and propel the vessel to 20 knots, according to Robb Report. Walmart heiress Nancy Walton Laurie's $300 million yacht Walmart heiress Nancy Walton Laurie, 74 - who is worth $15 billion and is the youngest daughter of co-founder James - owns Kaos, a $300 million yacht. Her yacht, originally named Jubilee, underwent a lavish transformation by designer Sam Sorgiovanni. The designer blended Arabian and European aesthetics with extravagant touches such as Crystal Caviar insets, silk carpets, and Iranian white onyx. After its completion in 2022, Kaos was not only marked Oceanco's biggest build ever but also the largest yacht ever built in the Netherlands - and the largest such vessel to be woman-owned. Designed to accommodate up to 31 guests, Kaos boasts a private owner's deck, a sprawling 135-square-meter main saloon, and an array of amenities. The 1453-square-foot main saloon is a regal space equipped with a large television and royal seating. Luxury amenities include a helipad, 12-seat cinema, Turkish steam bath and gym. Kaos also features an additional crew gym and a small hospital, underscoring its status as a beacon of luxury and innovation on the seas. One of the four-decker ship's main highlights is its massive swimming pool, surrounded by additional seating and is elevated above the superyacht beach club. Inside the opulent beach club sits an aquarium that offers a captivating view into the pool above. The grandiose ship also features an upscale room named The London Bar, complete with smoke machines, DJ booth, and water wall chandelier. Under Nancy's ownership, the vessel has become a striking symbol of progress and empowerment, sharply contrasting its history under Sheikh Khalifa bin Hamad Al Thani. The previous owner reportedly reserved certain spaces — such as men's quarters or meeting rooms for the Emir's entourage — as off-limits to women, embodying a traditional and hierarchical approach to luxury. Meta CEO Mark Zuckerberg's $300 million yacht In 2024, Mark Zuckerberg, 41 - who is worth $242 billion - bought himself a $300 million yacht as a 'birthday present' for himself. His 387-foot-long yacht is thought to have not only its own aircraft hangar but also a support boat, called the Wingman, costing an estimated $30 million. The main vessel, called Launchpad, was constructed at the Feadship shipyard in the Netherlands in 2022, and can accommodate 24 guests as well as 48 crew members. It features include a beach club area, beauty center, cinema and helicopter. The Meta CEO's luxury ship's sleek exterior was designed by Espen Øino International and has a steel hull and an aluminum superstructure, according to SuperYacht Times. It is reportedly the 45th largest yacht in the world, per Page Six. The interiors were reportedly designed by Zuretti Interior Design company, a France-based company specializing in unique and custom yacht design. There are multiple levels for sunbathing and indoor spaces with glass paneling allowing for floods of natural light. NBA star Michael Jordan's $115 million yacht The 244-foot long ship, purchased by Michael in 2022, is said to accommodate 12 guests with 8 cabins and 24 crew, with an estimated annual running cost of $10 million Basketball star Michael Jordan, who is worth an estimated $3.5 billion, owns a yacht called 'M'BRACE' which is valued at a staggering $115 million. The 244-foot long ship, purchased by Michael in 2022, is said to accommodate 12 guests with eight cabins and 24 crew, with an estimated annual running cost of $10 million. The boat, which was first owned by Britain's Sir Lloyd Marshall Dorfman, was built in 2018 by Abeking & Rasmussen. It has a distinctive Atlantic Bow and has its very own pool onboard. Michael, 62, also owns a smaller yacht called Joy which cost $80 million.

Ryanair and easyJet cancel hundreds of flights amid air traffic control strikes
Ryanair and easyJet cancel hundreds of flights amid air traffic control strikes

Rhyl Journal

time42 minutes ago

  • Rhyl Journal

Ryanair and easyJet cancel hundreds of flights amid air traffic control strikes

Ryanair said it was forced to make 170 cancellations on Thursday and Friday as the strikes affect flights to and from France – and also flights over the country to destinations such as the UK, Greece, Spain and Ireland – impacting more than 30,000 passengers. Luton-based rival easyJet said it had cancelled 124 flights today and was scrapping 150 tomorrow due to the industrial action. EasyJet said customers have been contacted directly and have the option to transfer to another flight for free or receive a refund, but advised all passengers to check the status of their flights in case of further disruption over the next two days. 'While this is outside of our control, we will do all we can to minimise the impact of the strike action,' easyJet said. Ryanair chief executive Michael O'Leary renewed calls on EU Commission President Ursula von der Leyen to take 'urgent action' to reform European Union air traffic control (ATC) services in light of the disruption, which comes at the start of the European summer holidays. Mr O'Leary said: 'Once again, European families are held to ransom by French air traffic controllers going on strike. 'It is not acceptable that overflights over French airspace en route to their destination are being cancelled/delayed as a result of yet another French ATC strike. 'It makes no sense and is abundantly unfair on EU passengers and families going on holidays.' EasyJet echoed the plea, asking for 'long-term solutions'. It said: 'On behalf of our passengers we are extremely unhappy with the strike action, particularly given the current performance of French ATC which has been the leading cause of airspace delays in Europe this summer. 'Long term solutions must be found for our customers and crew who suffer repeated disruption.' Airlines have long-campaigned for an overhaul of ATC services across Europe. Ryanair said it wants the EU to ensure ATC services are fully staffed for the first wave of daily departures, as well as to protect overflights during national ATC strikes. 'These two splendid reforms would eliminate 90% of all ATC delays and cancellations, and protect EU passengers from these repeated and avoidable ATC disruptions due to yet another French ATC strike,' Mr O'Leary added. Ryanair also said on Wednesday it had been hit by the recent conflict in the Middle East, and it cancelled more than 800 flights last month. It is among those to have cancelled and rerouted flights amid the conflict between Israel and Iran, as well as continued attacks in Gaza, which last week saw flights halted at Dubai airport in the United Arab Emirates (UAE).

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store