Connectivity and digitization have improved our lives in unexpected ways. However, doing business online also opens doors to a range of cyber crimes. Cyber security is essential to all online transactions. Systems, networks, programs, devices, and data require protection from cyber attacks of all kinds. Security takes top priority in extra sensitive environments. Luxembourg is one such place. Here is a look at why LUX is extra cautious about digital security, and what it does to stay secure.
Luxemburg’s cyber security strategy
A national cyber security strategy (NCSS) is a country’s plan of action to ensure protection for national digital infrastructures. An NCSS usually consists of a range of objectives and priorities to be achieved. There is generally also a specified time frame in which to achieve them. Most developed countries have one. The US published its most recent NCSS in 2018. Although there is no time frame, the NCSS is updated every 2-5 years.
Luxemburg has implemented 3 NCSS plans over the years. The current one spans 2018-2020. It is based on these guidelines:
- Strengthen and build public trust and confidence in the digital environment.
- Protect the digital infrastructure to ensure the availability of essential information technology-related services.
- Promote the economy by creating an environment conducive to the development of companies.
Cyber security is a business imperative. According to KPMG’s 2015 CEO Outlook Study half of the CEOs admit that they are not fully prepared for a cyber event. The study surveyed over 1,200 chief executives. In 2014, Luxembourg’s Computer Incident Response Center (CIRCL) received 83,610 reports of cyber-attacks in the grand duchy. This represented an 18 fold increase in 3 years, compared to 4,500 incidents reported in 2011. According to CIRCL half of these attacks were attributed to cyber criminals. They were attacking organizations and individuals for financial gain. Firms should make cyber security a part of their corporate strategy. This makes them better prepared to protect their business.
In 2015 the Luxembourg cyber security ecosystem was started. The Intercommunal Syndicate of IT Management (Syndicat Intercommunal de Gestion Informatique or SIGI) is the main participant. The grand duchy of Luxembourg and the Ministry of the Economy are also stakeholders in the ecosystem. These participants are invested in cyber security. They support the creation of a dynamic and competitive ecosystem. Since 2015 cyber security has become a pillar of Luxemburg’s national development strategy and the economy.
The face of the organized cyber security ecosystem in LUX is the site securitymadein.lu. The ecosystem has grown exponentially over the last couple of years. Its main objective is mapping Luxemburg’s cyber security activity. It gathers information about companies which offer cyber security solutions. Such organizations include CyberLynx and BUILD38. The latter was awarded the “Best Cybersecurity Solution of the Year” award by Cybersecurity Week Luxemburg in 2020 for their T.A.K. unified framework. Securitymadein.lu identified 304 companies in the mapping. Here are some statistics from the site:
- 304 companies are listed in the ecosystem
- 22% are start-ups
- 24% are focused on cyber security as a core business
- 46% are less than 5 years old
- 1,000 jobs have been created by the sector
Vast communities of expat professionals live and work in LUX. They regularly send remittances back to their home countries via the Ria Money Transfer App and other channels. The huge financial services sector in LUX is very important to the national economy. It is also highly reliant on digital security. Luxemburg’s Minister of the Economy Franz Fayot explained that while the country welcomes new opportunities, it also exposes itself to multiple new risks. These risks pertain to the availability and reliability of data. He concluded with saying that, “The digital transition requests each of us to grow into a more accountable and informed user of technology.”
With these strategies and the strong security ecosystem Luxembourg has taken a lead in the domain. Cisco’s 2019 Digital Readiness Index ranked LUX second worldwide and first among EU Member States.
About the author:
Hemant G is a contributing writer at Sparkwebs LLC, a Digital and Content Marketing Agency. When he’s not writing, he loves to travel, scuba dive, and watch documentaries.