The European Commission (EC) is to establish a new centre charged with centralising efforts to fight online crime and protecting citizens, which could be operational as early as next year.
The new European Cybrecrime Centre will be established within the European Police Office (Europol) at The Hague.
The EC said the centre would take a more aggressive, preventative stance in protecting consumers and companies from hackers.
"We can't let cybercriminals disrupt our digital lives. A European Cybercrime Centre within Europol will become a hub for cooperation in defending an internet that is free, open and safe," said Cecilia Malmström, European commissioner for home affairs.
The EC claimed that if left unchecked, the global cost of cybercrime on businesses and governments could reach an overall total of $388bn.
According to the EC, the cybercrime market is flourishing with credit card details sold for as little as €1 per card, a counterfeited physical credit card for around €140 and bank credentials for as little as €60.
If the EC's proposal is approved by the budgetary authority of Europol, then the centre is expected to begin operations in January 2013.
Despite the EC's affirmative tone, some in the industry remain unconvinced, claiming more must be done.
NCC Group chief executive Rob Cotton reported that while the centre's creation was a move in the right direction, the EC will have to work as a middleman between the involved parties.
"Cybercrime is an international threat that requires an international response, so it's certainly encouraging to see investment in Europe-wide counter measures," said Cotton.
"For the investment to pay off it will be vital for the new Cybercrime Centre to maintain strong links with industry as well as academics, and for truly coordinated action to take place across the EU."
The move comes as a part of the Council of Europe's ongoing Global Project on Cybercrime, which recently received £100,000 of funding.
Within the UK, Oxford University has announced a similar project, unveiling its own cross-departmental Cyber Security Centre on 26 March.
Some parts of Atacama have not received rainfall for 500 years - but a sudden deluge of water upset the Desert's delicate biological balance
Spitzer Space Telescope could not spot Oumuamua, suggesting that it is actually pretty small
Greenland crater one of the 25 largest impact craters on Earth
This long-sought progenitor star was identified in an image captured by Hubble in 2007