On Thursday this week, European Union shortly referred as EU has imposed sanctions on some companies and individuals that cause damage to critical infrastructure and national integrity through cyber warfare.
Thus, because of such sanctions, all movable & immovable assets of 3 individuals and 6 institutions will be frozen and barred from entering any of the nations in the European Union from now on. Also, all companies operating in Europe, especially Britain, will be barred from sending any funds to the nations blocked on the list.
The names of the countries that are facing the sanctions have been withheld, but EU officials claim that the list explicitly includes all countries that have been tagged as adversaries to the west.
Note 1- In June’17, EU established a framework called Joint EU Diplomatic Response to Malicious Cyber Activities- technically called as Cyber Diplomacy Toolbox. The aim of this toolbox is to discourage malicious activities conducted by adversaries by using Common Foreign Security Policy (CSFP) measures like freezing assets and disallowing companies to invest in businesses operating in accused nations.
Note 2- European Union’s Cyber Sanctions regime is the first step to stop nations from launching cyber attacks on an international note. However, it might not deter the crime from taking place on a complete note as most state funded actors launch attacks in disguise of other groups.
Note 3- Since, 2017, EU is requesting International cooperation from other nations such as Canada, US, Australia and India to a global, open, stable and peaceful and secure cyberspace.