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Special Report: The Cyber Security Challenge

Posted By Staff reporter, Tuesday, February 5, 2019

A new report from Accenture is frightening. Another one from the Defense Department and the Pentagon is even more frightening than Accenture’s.

The Accenture report is titled Securing the Digital Economy: Reinventing the Internet for Trust. It found 75% of the CEOs think the only solution to the cyber challenges faced by all of us is cross-industry coordination.

Worse, Accenture believes in the next five-years companies worldwide will lose $5.2 trillion from cyber attacks.

  The highest risk is the high-tech industry with $753 billion at stake

  Life sciences has $642 billion at risk

  The automotive industry has $505 billion

“Internet security is lagging behind the sophistication of cybercriminals and is leading to an erosion of trust in the digital economy,” company spokesman Omar Abbosh said. “Strengthening internet security requires decisive — and, at times, unconventional — leadership by CEOs, not just CISOs.

To become a cyber-resilient enterprise, companies need to start by bringing CISOs’ expertise to the board, ensuring security is built-in from the initial design stage and that all business managers are held responsible for security and data privacy.”

 

Here’s more from the report:

 •  79% say the advancement of the digital economy will be stall or slow down if dramatic improvement in internet security is not made

  59% say the internet is growing increasingly unstable

  That same 59% say they are not sure how to respond to that instability

  56% say they would welcome stricter business regulations to fix the problem

 

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In the U.S. the Defense Department — via spokesman Robert Behler — said it cannot adequately defend itself against cyber attacks. The Government Accountability Office (GAO) agrees. Spokeswoman Cristina Chaplain said the military has not been able to secure weapons systems that cost billions to build.

“DOD testers routinely found mission-critical vulnerabilities in systems under development, and in some cases, repeatedly over the years,” she said.

One of the problems with cyber security is the lack of cyber experts to do battle with the bad guys. In the U.S. between September of 2017 and August of 2018, there were 314,000 job postings. Even though most earn something like $95,000 a year on average, job openings stay open.

The National Initiative for Cyber Security Education says if all were filled that would pump up the number of pros battling cyber criminals by 40%. That’s a workforce of 714,000.

Worldwide, (ISC)2 says there are close to three million cyber security jobs open.

In addition to not being able to find experts, current polling says that 43% of organizations around the world fail to adequately do security training.

Worse, universities — 85% of them — have cyber security graduate or undergraduate degrees. However, their more diversified and attractive computer science programs do not offer even one cybersecurity course.

Business and government are continuing to explore options. One idea is a Cybersecurity Peace Corps. The proposal is the same idea as the original Peace Corps and will develop and train people to do cybersecurity jobs. It will require an act of Congress to establish.

Meanwhile, community colleges are now offering boot camps — of sorts — to train people in key skills. 

Whether all this training comes fast enough to avoid the trillions that will be lost in the future to cyber criminals is anybody’s guess. What we all can — however — agree upon is that there is a definite need for action.

 

Source link: Insurance Business America, PropertyCasualty360.com, Tech Crunch

Tags:  cyber breach  Cyber Insurance  Cyber security 

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