The inescapable problem of cyber attacks


Another day, another huge cybersecurity breach.last week Cramps, Amazon’s livestreaming platform struggled to expose source code, big star revenues, and other sensitive information.

Cyber ​​attacks are rapidly becoming a large and annoying global security issue. The United States alone received an estimated 65,000 ransomware attacks last year. Huge solarwinds hack It reveals a major cybersecurity gap at the heart of the federal government.That’s why American experts Axa recently polled Citing cyber risk as the number one concern this year, global experts have placed it second only to climate change.

The spread of the problem makes it especially difficult to deal with. Attacks come from all over the world. Some are state-sponsored or ideologically based, while others are money-related. Many victims are reluctant to admit that they have been hacked. Some fear that sharing a lot of public information about a method could simply empower more villains.

However, it is rapidly becoming clear that governments must play a much more active role in gathering and sharing information and coordinating defense. The US Senate is considering a bill that requires government agencies, contractors, and critical infrastructure companies to: Report all cybersecurity incidents and ransomware attacks You can submit it to a cybersecurity and infrastructure security agency within 24 hours or you can be fined a lot. “If we can’t see it, we can’t defend effectively,” said agency head Jen Easterley recently.

The Australian Parliament is moving in the same direction.The EU, which has been ahead of the curve in many cyberspace issues, has adopted incident notification rules for operators of critical services. In 2018..

However, notifying the authorities is only the first step. Investors have the right to know about serious hacks. Clear criteria for what that means should be set on a national or global basis, as well as the accounting definition of “significant” financial events.

As large companies invest in appropriate defenses, hackers are more likely to launch attacks on small businesses, most of which are not subject to these reporting requirements. If they fail to share their experiences, hackers can repeatedly exploit the same weaknesses.

Governments need to do a much better job of working together. Hackers don’t respect borders, and cyber trouble in one country can cause confusion in many others. The recent Facebook outage has been demonstrated..

Global standards-setting agencies share information on hacking and vulnerabilities, ensure that companies invest in effective cyber defenses, and establish a supervisory university for the largest multinational companies in the country. Regulatory authorities need to be rallyed. One possible model could be an aviation safety regime that brings in investigators and analysts from the home country of the relevant aerospace group, as well as investigators and analysts at the crash site. Another way to think about it is the home / host regulatory structure used by banks.

These increasingly common attacks have financial implications. The insurance market is struggling to protect prices against them, which may prove to be areas that require government backstops, such as terrorism and floods. Cyber ​​attacks are no longer new. It’s time to stop acting as if they were.

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