Cybercrime Cost $450 Billion


Cybercrime costs the global economy $450 billion: CEO

Luke Graham

Less than half of the businesses in the U.S., U.K. and Germany are prepared to deal with cyber-attacks, a new report from specialist insurer Hiscox reveals.

The Hiscox Cyber Readiness Report 2017, published Tuesday, surveyed 3,000 companies across the three countries to assess their readiness to deal with cybercrime in terms of strategy, resourcing, technology and process.

The report found 53 percent of the companies assessed were ill-prepared to deal with an attack, and just 30 percent were rated “expert” in their overall cyber readiness.

In 2016 “cybercrime cost the global economy over $450 billion, over 2 billion personal records were stolen and in the U.S. alone over 100 million Americans had their medical records stolen,” said Steve Langan, chief executive at Hiscox Insurance, told CNBC.

“This is an epidemic of cybercrime, and yet 53 percent of businesses in the U.S., U.K. and Germany were just ill-prepared.”

U.S. firms are most prepared in case of an attack, with 49 percent of expert-ranked companies coming from the states. Of note, larger U.S. firms were the most targeted with 72 percent being attacked in the past 12 months.

Meanwhile, German companies made up 39 percent of bottom-ranked companies .

Langan outlined four ways firms can improve their cybersecurity, including having the right strategy in place and increasing their technological defenses.

“Thirdly, more importantly and where people actually forget to do this, is to build the human firewall in your business, so train your staff to recognize those suspect emails which are getting increasingly sophisticated and very difficult to distinguish,” he said.

“Fourthly, we think they should offshore their risk to insurance companies to make sure they can manage that for them.”

Companies are increasingly factoring cyber-attacks into their business and IT risk assessments, according to Darren Anstee, chief security technologist at Arbor Networks, which should lead companies towards making better security investments.

“A better understanding of the impact an attack can have is driving firms toward best-practice, and our latest research shows better detection / mitigation capabilities, faster response times and improved overall effectiveness,” he said in a press comment.

“That said, this is an iterative process as attackers aren’t staying still. With the adoption of different technologies, such as cloud, NFV (network functions virtualization) etc., new or expanded threat surfaces emerge and have to be addressed.”

…read more

Source: CNBC

Cybercrime Cost Global Economy $450 Billion

The Hiscox Cyber Readiness Report 2017, published Tuesday, surveyed 3,000 companies across three countries to assess their readiness to deal with cybercrime in terms of strategy, resourcing, technology and process.

The report found 53% of the companies assessed were ill-prepared to deal with an attack, and just 30% were rated “expert” in their overall cyber readiness, CNBC reported.

In 2016 “cybercrime cost the global economy over $450 billion, over two billion personal records were stolen and in the US alone over 100 million Americans had their medical records stolen,” Steve Langan, chief executive at Hiscox Insurance, told CNBC.

“This is an epidemic of cybercrime, and yet 53% of businesses in the US, UK and Germany were just ill-prepared.”

US firms are most prepared in case of an attack, with 49% of expert-ranked companies coming from the states. Of note, larger US firms were the most targeted with 72% being attacked in the past 12 months.

Meanwhile, German companies made up 39% of bottom-ranked companies. Langan outlined four ways firms can improve their cyber security, including having the right strategy in place and increasing their technological defenses.

“Thirdly, more importantly and where people actually forget to do this, is to build the human firewall in your business, so train your staff to recognize those suspect emails which are getting increasingly sophisticated and very difficult to distinguish,” he said.

“Fourthly, we think they should offshore their risk to insurance companies to make sure they can manage that for them.”

Companies are increasingly factoring cyber-attacks into their business and IT risk assessments, according to Darren Anstee, chief security technologist at Arbor Networks, which should lead companies towards making better security investments.

Be on Guard

Attacks on the internet are getting more sophisticated. Every week it seems another large enterprise finds a hacked database or intrusion of some sort, often attributed to state actors, Techrepublic reported.

There are more places than ever where you might be vulnerable. So here are five cybercrime vectors to be aware of:

1. The browser. Yes it’s tempting to save money by NOT updating that internal system that only works in an old browser. The longer you do that the more exposed you make yourself. Make it a sound policy to have everyone on the most current patched version of a browser you can get. Same goes for all your software, really.

2. Your own users. Ransomware is a rising tide of easy money for attackers. And it often makes its way into a system through email.

3. Industrial Control Systems. Legacy supervisory control and data acquisition, or SCADA, networks sometimes have default or even no passwords. They often control essential physical plant systems.

4. Cars. Attacks on vehicle systems are moving from the realm of research into the world. Lock down your ODB II ports, engine control units, remote key systems, V2X receivers, USB ports and more. And keep that car software up to date.

5. Internet of Things. Researchers Brian Krebs and Bruce Schneier have recently sounded the alarm on the almost nonexistent security of sensors, security cameras, light bulbs and even DVRs. Like Industrial Control Systems, you may not be aware how open these entryways are into your network.

Now that you know some of the pathways you can be on guard.

…read more

Source: Financial Tribune

Cybercrime a huge threat to economy

Cybercrime constitutes a huge threat to states` economies and it is critical to raise awareness, have the appropriate tools to shield national economies and to have a good level of cooperation between the stakeholders, a conference in Nicosia on Thursday revealed.

The Conference titled “How S@fe is your Business?“ organised by the Cyprus Chamber of Commerce and Industry (CCCI) and the Cyprus Neuroscience and Technology Institute (CNTI), was addressed, among others, by Luigi Rebuffi, Secretary General of European Cybersecurity Organisation (ECSO) and George Michaelides, Commissioner of Electronic Communications and Postal Regulation of Cyprus (OCERCPR).

It is estimated that 43 per cent of cyber attacks target SMEs. Cybercrime costs are projected to reach €2 trillion euro by 2019 whereas 19 per cent of Business in the EU admitted that they have been attacked. Sixty eight percent of funds are lost as a result of a cyber attack and these funds were declared unrecoverable. In 2015 there were 38 per cent more security incidents detected than in 2014 while only 38 per cent of global organisations claim they are prepared to handle a sophisticated cyberattack.

ECSO was founded six months ago with members from a wide variety of stakeholders such as large European companies, SMEs and Start-ups, users and operators, research centres and universities.

The EU will invest €450 million in this partnership. This initiative is expected to raise close to €1.8 billion of investment by 2020 in order to develop innovative and trusted cybersecurity solutions, products and services in Europe.
CCCI Secretary General Marios Tsiakkis told the conference that cybersecurity is a booming sector in the EU economy and beyond, underlining however that Europe and Cyprus have still a long way to go from being at the right level of preparedness to counter the rapidly evolving cyber threats.

Spam, ransomware, and phishing are currently the most common, and certainly the most egregious forms of cyberattacks that small businesses face. He said that a relevant study of the Institute of Directors in the UK, reveals that just 28 per cent of cyber attacks are being reported to the police. At the same time only 57 per cent have a formal strategy in place to protect themselves and only 20 per cent hold insurance against an attack.

Tsiakkis said that what was alarming, especially for Cyprus, was that while big corporations get most of the media attention when it comes to cyber incidents, new information from global reports reveals that nearly half of all cybercrime targets are SMEs, giving hackers access to huge amounts of cash and information.

“What we certainly know is that we urgently need a coordinated effort by all stakeholders to improve cyber resilience. Our aim is to create the necessary awareness among the business community, of the need to put cybersecurity issues very high on their agenda“, he said.

George Michaelides, Commissioner of Electronic Communications & Postal Regulation said that building awareness for SMEs is very important because if these companies are attacked, the whole economy of the state is affected. He pointed out that nobody works in isolation, adding that Information technologies must have a level of security for the benefit of each citizen and companies.

“There must be greater awareness of the public about the threats and cooperation between the stakeholders. This trust between the stakeholders is the most challenging thing and the key to successful implementation of the state`s strategy“, Michaelides said.

He also spoke of the need to have cooperation and collaboration between public and private sector as well as cooperation at National, European and International level.

It is estimated that phishing & Ransomware will get worse in 2017. More than 90 per cent of cyber attacks begin with spear phishing. He added that ransomware will adopt the good old tactic of computer worms, which internally propagate inside a network to infect multiple hosts and seek access to expose sensitive data.

…read more

Source: Cyprus Mail

Thanks CNBC, Financial Tribune, Cyprus Mail and for reading Cybercrime Cost $450 Billion

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Dr Don
Founder/Admin The Internet Crime Fighters Org, Internet Users Handbook, Author The Internet Users Handbook, See more http://about.me/drdony
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