The Looming Threat of Cyber Attacks

When it comes to cybersecurity, in many cases, businesses in the public and private sectors have made efforts to solve such problems separately, rather than together. According to a top Justice Department official, “The federal government and private businesses must be allies, not adversaries, in the ongoing fight to improve the nation’s cybersecurity infrastructure.” Reports show that nearly all Fortune 500 companies have been hacked at one point or another. John Carlin, Assistant Attorney General for National Security, claims that “the attackers we face range in sophistication, and when it comes to nation states and terrorists, it is not fair to let the private sector face these threats alone.” Because the level of knowledge and capabilities of cybercriminals these days is strikingly more sophisticated than in the past, businesses in the private sector are unable to solve problems of such magnitude without the help of businesses in the public sector. Among the 500 US executives, security experts, and others from the public and private sectors who participated in the 2015 US State of Cybercrime Survey, 76% of respondents admitted to being more concerned about cybersecurity threats in 2015 than in the previous 12 months. To combat this fear, Carlin has some advice: “There are several steps businesses could take to protect themselves, one of them being buying ‘cyber insurance’ to help mitigate financial loss. But the law also needs to change to adapt to the growing field of cyber crime, including becoming more adept at working on multi-jurisdictional cases since cybersecurity knows no boundaries.” Whether these criminals are single individuals, terrorists, or members of foreign governments, both the federal government and the Justice Department are working to not only improve the nation’s cybersecurity protection, but to also figure out what can be done to prosecute these criminals. To join in our efforts to protect you against the threat of a cyber-attack, get connected with Taino Consulting Group at info@tainocg.com. https://www.pwc.com/us/en/increasing-it-effectiveness/publications/assets/2015-us-cybercrime-survey.pdf

http://www.washingtontimes.com/news/2014/oct/28/in-cybersecurity-battle-government-business-cooper/