Wednesday, August 3, 2011

Cyber attacks represent a real economic threat

"Companies and government agencies are getting raped and pillaged every day. They are losing economic advantage and national secrets to unscrupulous competitors"
More than 72 organizations, including governments and the United Nations, are known to have suffered long-term cyber attacks. Some for more than five years. And this week it's emerged that personal information belonging to people entering newspaper competitions at The Sun have been hacked.

"What is happening to all this data ... is still largely an open question. However, if even a fraction of it is used to build better competing products or beat a competitor at a key negotiation (due to having stolen the other team's playbook), the loss represents a massive economic threat."

There are obvious costs and risks at a geo-political or large company level; but for an individual consumer or small business the impact can be just as devastating. Several people I know have had their Twitter account hacked to start generating 'get rich, work at home' spam ... and the cost to them is significant, not least in time to fix the problem, damaged reputation or relationships, and the opportunity cost of the other things they could have been doing..

Expect demand for better solutions to increase.
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