Cyber Attacks in 2014 Cost the World $445 Billion

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According to the World Economic Forum, 2015, “The Internet of Things is a growing reality, introducing new efficiencies as well as new vulnerabilities and interconnected consequences. Recent technological advances have been beneficial in many respects, but have also opened the door to a growing wave of cyber attacks – including economic espionage and cyber crime that are increasingly perpetrated against businesses. In 2014, The Center for Strategic and International Studies estimated that cyber crime alone cost the global economy US$ 445 billion.”

Businesses in all industries and of all sizes have been affected by the increased complexity, novelty and persistence of cyber attacks, although most small businesses aren’t worried about it enough to protect their sites from hackers with vulnerability scanning. A sharp increase in high-profile cases of larger companies in 2014 has continued into 2015, and shows no sign of slowing down.

Attempts to detect and address attacks are made harder by their constantly evolving nature, as perpetrators quickly find new ways of executing them. Trust Guard, the leader in website security and verification, noted that the number of vulnerabilities for which it scans rose in 2015 to 75,271 up from 66,956 in 2014.

75K Vulnerability Image

In their attempt to provide effective security measures without the assistance of a company with a PCI DSS Approved Scanning Vendor like Trust Guard, businesses trying to match the speed of hackers in their development of prevention and response methods are sometimes constrained by a poor understanding of the risk, a lack of technical talent, and inadequate security capabilities.

According to the World Economic Forum, of all the concerns that global economic leaders have to worry about, eight of them perceive cyber attacks as being the highest risk of causing legal, economic and reputational damage.

Those eight world powerhouses include:

  • Estonia
  • Germany
  • Japan
  • Malaysia
  • Netherlands
  • Singapore
  • Switzerland, and
  • United States of America

Cyber Security 2015 Fears

(The darker the color, the greater the concern over cyber attacks.)

From personal finances to business operations and national infrastructure, public and private services and amenities are increasingly managed via some form of computer network and are consequently vulnerable to attack. The internet is not a fad, it is the way we do commerce and communicate politically, personally, and professionally. One way to help improve the security of online communication and e-commerce throughout the world is for responsible countries and companies to scan their websites and servers on a daily basis for as many vulnerabilities as possible.

 

 

 

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