Highly Innovative Cyber Attacks Affect the IT & Security Industry

Posted by Stefanie Kober Thu, 17 Apr 2014 09:43:00 GMT

A study by the World Economic Forum shows that continuous, high-profile cyber attacks like the one against large U.S. retailer, Target, could slow adoption of emerging technologies. This could result in a loss of as much as $3 trillion to the global economy.

As hackers become more innovative with their attacks, organizations cannot act fast enough to protect their critical data. This causes more strict regulations and policies from corporations in order to control cyber attacks. This will then lead to a slow adoption rate of cloud computing, big data analytics and other technologies, as organizations will be hesitant to implement new, untested tools.

Corporate risk management against cyber attacks is already having a significant impact on the industry, according to World Economic Forum. There already have been controls put in place to protect intellectual property and critical business data and this has lowered the productivity of front-line employees in approximately 90 percent of organizations. Despite this change in productivity, most large institutions still do not have a system for identifying and protecting the most valuable information assets.

While the direction of the security industry is unclear, what remains obvious is that most organizations do not understand how to defend their assets. If attacker sophistication advances the capabilities of defenders, it will be difficult for enterprises to bring risk to a manageable level.

Readers, what are your thoughts on corporate security regulations slowing the progress of the cloud computing and big data industry? Please share your thoughts in the comments below.


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