The European Commission announced its proposal for a European Cybercrime Center as part of the European police force yesterday afternoon.  The center would help EU law enforcement organizations exchange criminal intelligence, but would not have any executive powers.

“The new center would pay attention to protect social networks profile from e-crime infiltration and will help in the fight against identity theft.  It would also focus on cyber crimes that cause the most serious harm to the victims, such as online child sexual exploitation and cyber tax affecting the critical infrastructures and information systems in the European Union.”

The global cost of cybercrime is estimated to be between $114 billion and $388 billion.  Research found that cyber attacks accounted for 38 percent of all economic crime incidents that finance companies experienced in 2011.

The center would only target high profile cybercrime organizations rather than smaller infractions like illegal file sharing.

If the proposal is approved, operations could start as early as January 2013.