Dive Brief:

• The European Union has approved its first cybersecurity law.
• The measure requires major Internet business to report cyberattacks and mandates security measures for companies.
• It also mandates cooperation among governments on cybersecurity issues.

Dive Insight:

It's hard not to note that the law passed just as the British (and the British banking powerhouse, among other industries that rely heavily on interconnectivity) are taking steps to leave the EU. The European Parliament approved the measure Wednesday.

Bloomberg, citing EU Parliament estimates, reports network security issues cost the EU at least $288 billion annually.