The European Commission is to fund a three-year project to investigate web-based economic threats.

Security firm Symantec will receive EU money as part of the Worldwide Observatory of Malicious Behaviours and Attack Threats (Wombat) initiative, which will use collaborative research to explore existing and emerging threats to the online economy.

The project will search for new ways to monitor and characterise malware, in addition to developing appropriate counter-measures. Members of the Wombat group will work alongside staff at Symantec's European Lab in Sophia Antipolis, France.

“Symantec is honored to continue its world-leading research efforts with the European community and leverage the unique expertise of its highly skilled and respected talent base,” said Brian Witten, senior director of government research, Symantec.

“The combined efforts of our new Symantec Research Lab and the European Commission project will help provide businesses and consumers the information and tools they need for greater confidence online.”