How Can Companies Prevent Cyber-terrorism

Featured article by Nate Vickery, Independent Technology Author

According to statistics provided by the Federal Bureau of Investigation, a violent crime occurs every 25 seconds in the United States; meanwhile, the Daily Mail reports that a minor crime is committed in the United Kingdom every five seconds, however, according to a study from the research firm Javelin Strategy & Research, an identity is stolen online every two seconds. Cybercrime is a real crime – it provides more anonymity, it can be more difficult to prosecute and, this may surprise you, it is even more profitable than offline crimes.

A 2014 report by the RAND Corporation, commissioned by Juniper Networks, reveals that the black market for cybercrime has now become a powerhouse of highly skilled and organized groups. Furthermore, the report says that even Twitter accounts are now more valuable than stolen credit card data, and that the hacker market is now more profitable than the drug trade. The matter of the fact is, our digital infrastructure is being compromised every day, and it has never been more vital to protect your confidential data from a cyber-terrorist attack.

Cyber-terrorism Threats and Costs

According to the latest research from the Ponemon Institute, each data breach costs enterprises around 3.5 million dollars, on average, at a cost of 200 dollars per record. Furthermore, the study also discovered that more than 40% of data breaches are caused by cyber-terrorist, while human errors and system glitches cause data breaches, 30% each. Cyber-terrorism is a little bit different from common web crimes like ransomware, money fraud and identity theft; because some terrorists are not satisfied with classified data, so they try to wipe out complete systems and infrastructures in order to damage the company beyond repair.

Companies have to be proactive: they need to anticipate what could happen if their data security is challenged and stop it from happening. This year, the NYS Attorney General’s office released an official report, which stated that breaches reported by companies, nonprofits and governments in the Tristate Area more than tripled since 2006, exposing more than 22 million personal records in nearly 5,000 incidents. Fortunately, companies now have the option to notify the Attorney General of a data breach via an internet submission form in order to streamline and speed up the process.

Can These Attacks be Prevented?

These days, companies have to face threats from hackers for hire, cyber-terrorists and even global cybercrime syndicates. While cyber terrorism may be a broad threat aimed at the government, daily attacks take place on American citizens and companies, from criminal rings looking for quick access to as much confidential data as possible. This year we will see a strong increase in the use of algorithms in cyber-security. These algorithms provide the right set of tools for analysts to obstruct these attacks by carrying out preventive actions.

The spread of this security solution will thus be a vital strategy in blocking criminals who are not facing any significant barriers at the moment. What is more, both government and private institutions have to stop third-party professionals from accessing their networks through insecure methods.

What the Future Holds

A major trend in 2016 will most likely be the rise of Security Operations Centers. These centers are designed to have control of all security systems and devices of a business, ranging from IT systems to the energy supply. They are designed to operate 24/7 and to monitor the IT systems and the network status continuously. Information and intelligence company, ALM published a report this June, detailing how SOCs will be widely set up this year for both large and medium-sized businesses. However, Erin Hichman, ALM Senior Analyst explains that the key challenge for smaller establishments is the search for an adapted cost-effective solution to enable quick implementation.