Cyber Attacks Come With Enormous Financial Cost

Cyber security threats change quickly as Internet increases, and also the related dangers are getting to be progressively international. Being covered against cyber security threats requires almost all end users, actually the most complex versions, to know the particular threats in addition to enhance their particular safety measures with a continuing foundation. On April 28, 2014 President Obama has declared that the “cyber threat is one of the most serious economic and national security challenges we face as a nation” and that “America 's economic prosperity in the 21st century will depend on cyber security.” The internet enables and also helps people in a many ways and a example is collect, store, process huge amounts of data, which includes vulnerable data of small business, transactional and personal. Everything in this world is based on internet now a days.

The Cybersecurity Act of 2012 and its revised version S.3414 addressed several cyber security needs, which have been often overlooked or opposed. The nation stands vulnerable to cyber-attacks, as everyday technology is revamped and upgraded, while laws to protect the nation creep slowly through Congress. Many politicians have argued that these bills have imposed too much regulation on the cyber world and therefor oppose it (CITATION NEEDED). Congress needs to pass laws and regulations if they wish to help protect the nation from the growing threat of cyber-attacks, which can easily cripple the United States from across the globe. The Quadrennial Homeland Security Review Report reveals that the threat of cybercrime is a growing concern.

The issue of strong cybersecurity efforts in the United States has been especially topical in 2017, and on the rise over the last few years. The Equifax breach and the breaching of the Democratic Party during the 2016 Presidential Election are recent examples that are bringing up the conversation of cybersecurity and make citizens curious of whether or not the United States government has plans in place to deter these events from happening. People are already worried about the damages these attacks can cause with consequences such as stolen information or monetary loss of close to five billion dollars in 2017 alone (cybersecurityventures.com). Although there are already solid plans in place to raise cybersecurity efforts in the United

Cyber security, also referred to as information technology security, focuses on protecting computers, networks, software programs and data from unintended or unauthorized access, change or destruction. Post 9/11 and other terrorist attacks, the United States grows its endeavors to repulse cyberattacks, U.S. corporate organizations and the government agencies wind up in strife over how to adjust to new methods of security and privacy. The current state of security measure protocols and privacy policies placed by the US government in cyberspace raises concerns for the 99%. This is due to the recent cyber-attacks on American corporate organization systems and government alike, where their digital information and network infrastructures within the systems were compromised, and personal data was hacked and stolen.

Cyberterrorism is a critical threat and is the most definitive characteristic of the U.S. contemporary security environment. For years, the American people have been victimized by cyber-attacks by having their personal information, emails, credit card, and banking information stolen by an invisible enemy named cyberterrorism. These types of attacks seem insignificant however; they are small examples of the vulnerabilities that our cyber world is experiencing. Our vulnerabilities are leaving our public officials in significant danger from cyber-attacks, as they are vulnerable to such things as the release of personal information and home addresses.

Over the past few years, hackers have made numerous shadowy attacks to remain undetected throughout companies crippled security in effort for them to build a stronger protection platform. In 2013, hackers breached and disabled multiple sections of the electric grid in the United States. This mayhem unleashed was simulated but it warned the government to take action on the growing threats of cyberattacks and they did so. Bryn Nelson (2014) confirms a problem as he uses experts like president Obama who stated that cyberattacks were called one of the most serious economic and national security challenges that the United States faces in today’s world (p. 517). If different web platforms don’t take action, then it would be very catastrophic for

Cybersecurity is finally now top priority at the Securities and Exchange Commission (“SEC”) as it was included in the 2014 National Exam Priorities. After the release of the annual priority list, the SEC promptly held a Roundtable in March of 2014 where SEC Chairman Mary Jo White highlighted that cybersecurity threats are global and pose a grave risk to our economy, critical infrastructures, financial markets, and the private data of the American consumer. She noted that the risks are “first on the Division of Intelligence’s list of global threats, even surpassing terrorism.” Less than a month later on April 15, 2014 the SEC’s Office of

Our corporations, and even government agencies, continue to demonstrate the variation in defense and mitigation techniques, as we are more or less unsurprised when another company reports an erroneous amount of stolen credit card and banking data. Indeed, our visage of unconditional safety is leaving us vulnerable on the cusp of another internet revolution.

Cyber-Security risk will only increase in importance and require ever greater resources. As a Financial institution we store an increasing amount of data about their customers, the exposure to cyber-attacks is likely to further grow so we have to make protection against cyber-attacks one of our top strategic priority (The future of Bank Risk Management, 2016).

We are essentially exposing ourselves and, more importantly, personally identifiable information to a number of cyber threats every time we worked on our laptop. Hackers, often with the help of malicious software, do their best to steal information from personal devices for the benefit of themselves or a third party. EBay, for example, revealed that hackers had managed to steal personal records of 233 million users’ personal information, including usernames, passwords, phone numbers and physical addresses between February and March in 2014. Moreover, damage that derived from cyber-attack also have an impact on national economy, which increase a further risk of living hood of the public. According to the AP, U.S. intelligence officials have said that cyber-crime currently trumps terrorism is the biggest threat to the country’s security. According to research from Arbor Networks, the number of DDoS events, Distributed Denial of Service attack, topping 20GDPs in the first half of 2014, are double that of 2013. With more than 100 attacks at over 100GDPs or higher recorded in the first half of the year in US. Posed by cyber-attack, the devastating impact on individual and the nation has begun to attract attention of the public. Given by IT governance nonprofit ISACA, it was said that 92 percent of respondents felt that advanced persistent

Cybersecurity is one of the most important topics in business today; It is something that must be accounted for by all businesses, large or small, due to its ability to disrupt or even paralyze all business functions. What vulnerability and threats are drawing the most attention today? Why? What changes have occurred in Cybersecurity during the past decade or so? What protective and preventative measures are available today? How well do they work? What are their limitations? Who are the hostile “bad actors” today? Does this represent a change? What are potential motivations of the “bad actors”? What advice would you give businesses regarding these threats and protecting against them? What advice would you give individuals regarding these threats

As we talk about security breaches, let’s look into what protects businesses from getting hacked. Network security is to help protected information, to create the possibilities that various information is not being breached or hacked by other users. The network security is to be concerned about employee information, visitors and customer information, as well as vouchers and data. The consequences of security being breached can be significant in many ways. In the event of a potential breach of

The damage of a full-fledged cyber attack would be devastating, the destruction would be unparalleled to any other tragedy that has occurred America. Since technology is responsible for providing America with vital entities and resources, an unadulterated cyber attack would nearly fail the American economy; this is what is known as critical systems failure. Weapons of mass destruction and cyber attacks present imminent threats of critical systems failure. Although currently Americas’ critical infrastructures are coordinated by controlled systems, majority of these systems are indeed connected to the American cyberspace. This exposes one of America’s most vulnerable spot amidst cyber security. Another major vulnerable spot within the nations IT security would be the geographical physical location for each of Americas primary infrastructures, as well as their productivity. Due to the proximal locations, the major infrastructures could very well be infiltrated by one efficient CNA.

Information technology is the new topic in the world which has been mostly developed in the past decade. The management of the information has been a top priority in this world of data science. And every day there is new leaks of information by different means .These IT failures come with a huge economic loss. Research show that IT failures each year costs a 2% average cumulative abnormal drop in stock prices over a 2-day event window (Bharadwaj et al. 2009). On these report, I am going to investigate the cyber-attack Sony faced which shook the whole corporation industry in America.

In line with technological advances and the evolution of the internet, more and more transactions are conducted online. This brings convenience to businesses, financial institutions as well as their customers. However, this reliance towards online transactions has brought cyber risks such as fraud, identity thefts as well as cyber attacks. Biener, Eling & Warfs (2015) defined cyber risk as a multitude of risks from different sources that affect the information and technology assets of a firm. Cyber attacks and cyber risks are well documented in many articles such as Kim-Kwang (2011) Kolodzinski (2002), which reported on cyber threats faced by