Secure Shopping

The Reverse Side: 2014’s Cyber Crimes Bolster Cyber Security

November 13, 2014 | By Editor 

Summary

  • It was first started with Target that got comprised over the holiday season last year.
  • The massive hack left the top retailer preparing for a fierce backlash following its disclosure that around 70 million credit cards and other customer data were breached.
  • Definitely the company would not have wanted to close out the year in such a embarrassing fashion, particularly if you are the Chairman and CEO of Target Gregg Steinhafel.
  • However, Target was not the only firm to be hit in 2013. To thinks so would be really naive.
  • Some of the bigger data breaches that took place in 2013 include Home Depot, the Administrative Office of the Courts (AOC), LivingSocial, and an internal site of Federal Reserve.
  • Even during the year 2012, financial services American Express, MasterCard, and Visa, search engines Google and Yahoo, and social media sites Facebook and LinkedIn were also hacked. Automobile manufacturer Honda was among others that were breached.
  • Target was the first company to reveal falling a victim to a cyber attack and have consumer information stolen.
  • The largest retailer to admit becoming a victim to cyber criminals is American luxury specialty store Nieman Marcus. The company said it was breached and hackers made off with undetermined customers’ payment card details.

Bolster Cyber Security

Cyber Crime is Cyber Security’s Gain

It is obvious cybercrime is a gigantic pain spot for many, businesses and individuals, and it’s given surge not only includes privacy concerns, but boosts demands for cybersecurity as well.During the second-half of 2012, former U.S. Defense Secretary Leon Panetta warned that the country would likely face a “cyber-Pearl Harbor” soon. And, the United States was increasingly vulnerable to foreign cyber criminals.

According to Panetta, the possible targets included the country’s financial system, power grid, transportation system, and last but not the least, the government itself. Cybersecurity providers see the pace of cyber attacks only increasing in 2015 compared to 2014, 2013, and 2012.
The attacks ranges from mobile malware, especially on Apple’s and Google’s iOS and Android platform to the continued surge in hacker gangs targeting enterprises social media.

The attacks on Facebook, Twitter, LinkedIn, Google, Apple, and others will be prevalent by the end of 2014 and others will be ubiquitous by the end of 2014, warn security experts.

From an investor and brand perspective, cyber security is an ever-present pain that will impact businesses, consumers, governments, educational and financial institutions, and many others.

As an investor, people would love to invest in firms that appropriately address the pain points.At the same time, many cyber security firms are bulking up and purchasing other enterprises to either round off their offering or fill a product gap to face the challenges that lie ahead.

In early 2014, security firm FireEye made a whooping $1 billion offer to acquire Mandiant, another U.S.-based cyber security firm.
This deal was proposed with the rationale that the company’s cyber-attack security solutions would gel well with Mandiant’s ability to effectively respond to cyber-espionage.

In another such case, Palo Alto Networks, a U.S. network security company agreed to acquire Morta Security, a security firm founded by former National Security Agency (NSA) officials.

The Role of Cyber Security

  • Cyber crime and cyber security are issues hardly be separated from each other in an interconnected environment.
  • Cyber security plays a key role in the development of information technology and Internet service.
  • Bolstering it and safeguarding critical information infrastructures are vital to a nation’s security and economic well-being.
  • At a national level cyber security is a shared responsibility, while a regional and international level, it entails coordination and cooperation with relevant partners.
  • Cybersecurity strategies such as educating a user to prevent them becoming cyber crime victims or the development of tech protection systems help reduce cyber crimes.
  • The development and support of important cybersecurity strategies are important elements in fighting against cyber crimes.

Conclusion

The two back-to-back purchases clearly indicate the intentions of cyber security firms to bolster Internet security by any means. Remaining unfazed by the recent spate of cyber attacks is a good thing for both businesses and consumers.

The underlying business in cybersecurity is the expense and it is a utility. It forms the infrastructure of the Web in today’s digital age. So, we are not going to see governments and corporations decreasing their cybersecurity expenses anytime soon.

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