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TMCnet Feature

September 27, 2013

The Cyber Attacks Are Coming


If you own a home in an area commonly afflicted by wildfires, floods, or some such natural disaster, chances are you've invested in insurance that best protects you against mother nature's blows. Firms with sensitive information stored in their computers have their own beasts to fortify against: cyber attacks. A new survey by Silicon Valley Bank, a financial services provider, finds that tech and healthcare companies are particularly sensitive to the threat of a hack-in.

"Cyber Security Impact on Innovation" pooled over 200 tech executives, and found that merely one-third of that number claim total confidence in the security of their computer-stored information at work. Survey respondents were particularly concerned over how a tight a ship outside associates were running. Are business partners, vendors, and clients doing all they can do to keep their information fire-walled? One's risk is another man's risk, too. 

The survey was part of a greater discussion held last week that examined cyber security issues. It was engineered by Silicon Valley Bank's CEOs and Michael Daniel, the special assistant to the president and cyber security coordinator. One of the key takeaways of the talk was that, as Bob Curley, the managing director of corporate finance for Silicon Valley Bank says, "the threat of a cyber attack is not just hype."

And there's no shortage of threats. Nextgov.com reports an astounding number of hacking attempts. The energy company BP, for instance, says it experiences over 50,000 cyber-intrusions a day. The National Nuclear Security Administration reports 10 million hacks a day. Albeit, these organizations are obvious targets, basically everyone is at risk, and not many companies have the budget to be as prepared against the perils as these behemoth governmental units. 

That doesn't mean they aren't trying. Ninety-eight percent of the companies surveyed are maintaining, if not increasing their cyber security efforts. These firms are dedicating monies to monitoring, preventative policies, training and staffing. Rather than there being fear in the air over a possible attack, there is certainty that there will be one, and these tech companies want to be sure they can say they did everything possible to handle it.




Edited by Alisen Downey


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