Attacks on cloud systems and infrastructure are costly. Consider the recent massive distributed denial of service attack aimed at the Internet infrastructure company Dyn. The attack dragged down Amazon, Netflix, Reddit, Spotify, Tumblr, Twitter and others. The network congestion was largely made possible by compromised IoT devices including video cameras and digital video recorders.
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The fear of being hacked, of losing confidential information or state secrets, or of being blackmailed to get them back will drive annual global cybersecurity spending above $100 billion by 2020, according to IDC, cited by HOTforSecurity. Banking will make the most significant expenditure – $8.6 million – and the US will be the largest market. On the other hand, it’s been estimated that cybercrime led to financial losses of more than $500 billion in 2015 alone, potentially doubling that in 2016, and reaching $2 trillion by 2019.
Some reports called it quite possibly the largest data breach of all time. Internet entertainment, news and search site Yahoo announced on Sept. 22, 2016 that a recent investigation by the company confirmed that a copy of certain user account information was stolen from the company’s network in late 2014 by what it thinks is a state-sponsored actor.
How do you think your customers would feel if they visited your business’s website one day and were greeted with an offensive image, malicious code, religious propaganda or a form designed to steal their passwords?
CSA hopes its move will provide actionable and useful IoT security guidance
Increased adoption of open source software is changing the way companies do business, bringing transformational benefits such as increased innovation, cost savings and accelerated time to market.
Companies will invest more in security solutions, driving overall Enterprise Security market growth.
With cybercrime shifting from user-targeted attacks to organization-targeted attacks, it stands to reason that the sophistication of their tools and malicious code has also increased. Employing advanced evasion and persistence techniques to infiltrate and compromise an organization, their goal has remained constant: to make money.
It’s just over two years since a critical Shellshock vulnerability was uncovered.
With the worldwide security market reaching $22.1 billion in 2015 in terms of revenue, Garner estimates that it increased by 3.7 percent as compared to 2014. While the figures for 2016 are yet to surface, it’s safe to estimate these numbers will surely rise, especially in light of recent cyberattacks and global security awareness.
In August 2016, Eddie Bauer became one of the latest well-known retailers to get hit with a security breach. According to a statement by the company’s CEO Mike Egeck, Eddie Bauer learned that the point-of-sale systems at its retail stores were affected by malware.
The proliferation of IoT devices for both consumers and business has opened up a new market that’s estimated to reach a whopping $661.74 billion by 2021, from $157.05 billion in 2016. Considering the obvious business opportunities, security researchers have expressed concerns regarding the security mechanisms – or lack of – bundled with “smart things”.