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Late last year, it was announced that the major aluminum manufacturing firm, Norsk Hydro AS, received a $3.6 million cyberinsurance payout – the first around highly publicized, extensive cyber breach of March 2019. The large ransomware attack struck the company’s U.S. facilities – before spreading throughout the company, resulting in millions of dollars lost – destabilizing Norsk Hydro’s operations until the summer months. The payout covered merely six percent of the multi-million-dollar costs created by the incident and its aftermath.
Apparently, we are getting in our own way when it comes to advancing cybersecurity. According to a leading 2018 study by the Ponemon Institute LLC (sponsored by IBM), the three primary causes of data breaches were malicious or criminal attack, system glitch and human error. While the study reports that the length of time to identify and contain, and the cost, were lower for data breaches caused by human error as opposed to the other categories, it is an issue that nearly 27 percent of data breaches are caused by human error. Read More
Artificial Intelligence (AI) rests on the verge of transforming both business and society. Financial firm UBS forecasts that next year, the AI market will be worth $12.5 billion due to huge improvements and broader adoption of the technology. And BCG Henderson Institute found that though most leaders have not yet seen significant impact from their AI initiatives, they firmly expect to within the next five years. Read More
2020 heralds a few major shifts that will transform cybersecurity: ransomware attacks, artificial intelligence, facial recognition and mobile cybersecurity.
In 10 months, U.S. citizens will elect a new president. As the race heats up and election day nears, a key component of the U.S. election infrastructure remains vulnerable to cyberattacks and misinformation campaigns.
