"Cybercrime is borderless by nature -- this makes criminal investigations more complicated for law enforcement authorities," said Europol Director Rob Wainwright. "To effectively tackle cybercrime, adequate cross-border provisions are needed."

According to McAfee, global corporate losses to cybercrime are estimated at around €750 billion (US$1 trillion) per year. There are more than 150,000 viruses in circulation and around 148,000 computers are compromised each day. In many ways, the European Union is a victim of its own success.

Because of its advanced Internet infrastructure, high number of Internet users and widespread use of electronic banking, it is one of the most infected areas in the world when it comes to computer viruses and malware. Hardware developments have also contributed to the rise in cybercrime with laptops, smartphones and games consoles all vulnerable to attacks.

Europol's Internet Facilitated Organised Crime Treat Assessment (iOCTA) findings cover a variety of different crimes committed online, including sexual violence and child sex abuse imagery, terrorist activities, attacks on electronic networks, fraud and identify theft. Each of these must be combated in a different way