Cybercrime: The Next Entrepreneurial Growth Business?

Posted by K R on

Cyberspace is constantly evolving and presenting organizations with new opportunities, as the desire of businesses to quickly adopt new technologies, such as using the Internet to open new channels and adopting cloud services, provides vast opportunity. But, it also brings unanticipated risks and inadvertent consequences that can have a potentially negative impact. Hardly a day goes by without news of a new cyber threat, or major data breach, arising from “malspace” — an online environment inhabited by hacker groups, criminal organizations and espionage units. Regularly we’re reminded that these international groups have access to powerful, evolving capabilities, which they use to identify, target and inevitably, attack. The recent revelation that a Russian crime ring has amassed the largest known collection of stolen Internet credentials, including 1.2 billion username and password combinations and more than 500 million email addresses simply reinforces the fact that cybercrime is something that has the potential to affect all of us, from the individual to the largest corporations. With Opportunities Come Serious Risks Cyberspace has become an increasingly attractive hunting ground for criminals, activists and terrorists motivated to make money, get noticed, cause disruption or even bring down corporations and governments through online attacks. In this day and age, organizations must be prepared for the unpredictable so they have the resilience to withstand unforeseen, high impact events. McAfee recently reported that cybercrime is a growth industry where the returns are great and the risks are low. In fact, McAfee estimates that the likely annual cost to the global economy from cybercrime is more than $400 billion, a number that is more than the national income of most countries. Unfortunately, governments and businesses tend to underestimate how much risk they face from cybercrime and how quickly this risk can develop. Long form article via WIRED.

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