The European Union (EU) now has its first cybersecurity law as members of the 28-nation EU Parliament passed legislation that requires service operators, search engines, and online market portals and other businesses to improve their network defense measures and report cyber incidents, Bloomberg reports.

The law also requires EU members to cooperate on cybersecurity. According to the EU Parliament, cyber incidents have caused an annual loss between 260 billion euros and 340 billion euros.

German member of the EU Parliament Andreas Schwab said the rules “will help prevent cyberattacks on Europe’s important interconnected infrastructures.”

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