EDITOR: | October 27th, 2016

Cybersecurity the next gold mine

| October 27, 2016 | No Comments
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Computer hacker silhouette of hooded manI’m willing to bet that the Democratic Party Committee and Donald Trump are about to invest in cybersecurity.

A recent report forecasts that the cyber security market is estimated to grow from USD 122.45 Billion in 2016 to USD 202.36 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 10.6%. But this is a low estimate. According to Cybersecurity Ventures global cybercrime damages will cost the world $6 trillion annually by 2021.

The hacking of the Democratic Party Committee and Secretary Clinton’s campaign is a tiny example of the vulnerability of our electronic information and the importance of cybersecurity.

In July 2016 the New York Times reported that American intelligence agencies warned the White House they had “high confidence” that the Russian government was behind the theft of emails and documents from the Democratic National Committee.

But the authorities were unable to assert uncertain whether the hacks were meant as garden variety snooping of to influence the outcome of the presidential elections.

Cyber attacks are not limited to governments and political parties. Cybersecurity is of particular significance to our readers and advertising clients of all sizes. In June 2015 a small Canadian gold company, Detour Gold Corp., has been the victim of a cyber attack. The company’s server was hacked, potentially exposing reams of sensitive information such as credit card numbers and employees’ medical records.

“There has been a breach of Detour Gold’s IT systems,” said a Detour spokeswoman. “We are working with the police.”

According to a report on the website Databreaches.net, Russian hackers dumped swaths of Detour’s confidential data on an undisclosed URL, as virtual tit for tats for Canada’s economic penalties against Russia.

Cyber attacks are the inevitable side effect of increased connectivity, like pollution was a side effect of industrialization.

Author Megan Sullivan provides a wonderful overview of the types of cyber attacks and ways to counterattack them. In short, cyber attacks are exploitations of the vulnerabilities of the way we communicate via the World Wide Web.

The Word Wide Web provided an incredible opportunity to spy agencies that would want to operate from the security of their borders to secure critical strategic information.

It was also equally foreseeable that the Internet and the Internet of Things would give birth to new types of buccaneers, those whose fingers ceaseless operate sticky keyboards from smoky Internet cafes in Nigeria.

Internet fraud alone is worth USD 100 B per year.

While we mostly speak of the corporate and government struggles to keeping up with cyber threats, there is a mammoth human cost to individuals who fall victims to cyber crime.

I recommend reading Will Ferguson’s novel “419” as a proxy to those who contemplate responding to phishing emails from fictitious government officials desirous to transfer huge inheritance to your bank account.

The book is set in Calgary and Lagos. It chronicles the quest for revenge by the daughter of a victim of one of those phishing emails. This is page turner that will make you want to pour an entire pot of coffee on your keyboard or fly to Laos with your favorite hunting rifle.


Dr. Luc Duchesne

Editor:

Dr. Luc C. Duchesne is a Speaker and Author with a PhD in Biochemistry. With three decades of scientific and business experience, he has published ... <Read more about Dr. Luc Duchesne>


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