Welcome to ICYMI – a weekly snapshot of European news stories that have given me pause for thought. ICYMI is a chance for you to go beyond the front-page headlines and find out what other stories may be worthy of your attention.
Countries across Europe are having to contend with a growing cyber threat which is targeting critical infrastructure, public services, and private entities.
In the UK, the FT has a story on the annual report from the National Cyber Security Centre’s (NCSC) which highlights a tripling of severe attacks over the past year. According to the report, the rise in state-led and criminal cyber activities, fuelled by AI and accessible technologies, underscores the urgent need for enhanced cyber resilience and basic cyber hygiene.
The report adds that these attacks are becoming more frequent and severe due to advancements in easily accessible hacking tools, which enable criminals and hostile states such as Russia, China, and North Korea to carry out sophisticated attacks.
Concerns about cyber security are also worrying authorities in France where banking customers are under siege from DroiBot, a malware that infiltrates Android devices to steal passwords, intercept SMS verification codes, and even grant hackers remote control of infected phones.
Les Echos reports that this cyber threat, first detected in June 2024, has already targeted 77 institutions—including banks, cryptocurrency platforms, and national organisations—across France, Spain, and the UK. Beyond DroiBot, cyber attacks are skyrocketing in France, with losses estimated to reach $129 billion this year. The sectors affected range from healthcare and telecom to government services.
The implications of the ongoing attacks on both sides of the channel are potentially staggering. For consumers, the rise in cyber crime means their financial security is increasingly at risk, as criminals exploit poor digital habits like reusing passwords. For businesses, the growing threat environment signals rising operational costs, a need for better cyber security investment, and the risk of reputational damage. Meanwhile, public institutions must grapple with the dual pressures of economic instability and safeguarding against sophisticated cyber attacks targeting critical services.
The changing nature of trade deals
The arrival of the Trump administration in January and its plans to introduce tariffs on goods imported from China and Mexico, has focussed many politicians’ minds on trade agreements. There is a lingering threat that tariffs could also be applied to goods and services from the EU and the UK, which has promoted a flurry of activity. In the UK the Labour administration is once again making positive nosies about closer ties with the EU while at the same time making overtures to the Chinese government.
Meanwhile, after 25 years of negotiations, the EU, and the Mercosur bloc (Brazil, Argentina, Uruguay, Paraguay) have agreed on a massive free trade deal covering a market of 700 million people. While proponents, including Germany’s leaders, praise its potential to boost exports and cut billions in tariffs annually, critics warn of risks to European farmers and South American rainforests. Key countries like France remain opposed, citing environmental and competitive concerns.
Is the UK about to become a crypto leader?
The UK has traditionally been a leader in financial services with a significant presence of global and challenger banks and finance-focused startups based in London. To protect that position the country is now positioning itself as a global cryptocurrency hub with the Labour government introducing new initiatives and regulatory efforts. CNBC reports that plans include engaging firms on stablecoin legislation, launching the Digital Securities Sandbox, and piloting blockchain-based government bonds.
It is a response to finance entrepreneurs who have suggested that delays in implementing a full regulatory regime (expected by 2026) may hinder the UK’s potential. Critics urge the UK to adopt radical and pro-innovation policies to remain competitive. The country needs to move swiftly as both the US, and the EU are accelerating their crypto strategies.
Finally, fancy a change of scenery? Business Insider Netherlands has a story on the rise of countries who offer special visas for digital nomads. The website reports that there are now 29 countries where remote workers who earn their income from abroad can settle. Some programs have become so popular that they have reached capacity, such as Cyprus halting non-EU applications after filling its 500 available spots. Other countries offering these visas include Indonesia, Thailand, and Japan.
