Cyber security one of top 5 world risks
SECURITY| Feb. 3, 2012, 9:52 a.m.
The World Economic Forum meeting in Davos has identified cyber security as one of the top five risks in the world, but experts have cautioned against restricting the internet as a result.
Delegates at the conference heard that a new piece of malicious software is introduced every 30 seconds.
Over 2 million viruses, worms, back doors or Trojans have emerged over the past two years, and the threats are constantly growing. People used to hack computers for notoriety, and then as a criminal activity. Today, companies and nation-states are also behind cyber attacks, in the form of industrial and military espionage, respectively.
Attribution is a fundamental issue in addressing the problem, experts said. The biggest challenge is identifying who is behind a cyber attack and from where it comes, since cyber criminals are anonymous and operate without boundaries.
Experts noted that more international cooperation is needed to investigate cyber attacks and try to solve the attribution problem. With 4.5 billion users around the world, a sophisticated international framework may be one way to address the issue.
Rod A. Beckstrom, President and Chief Executive Officer, Internet Corporation for Assigned Names and Numbers (ICANN), USA, said: “Everything attached to a network can be hacked and everything is being attached to a network.”
Collaboration is the key to addressing the ongoing arms race between cybercriminals and the corporations, lawmakers and governments who oppose them, Beckstrom said.
Neelie Kroes, Vice-President and Commissioner for the Digital Agenda, European Commission, Brussels, described her belief that the future economy is inherently coupled to the Internet, so much so that cyber risk should be added to standard corporate reporting.
However, the COO of social networking site Facebook, Sheryl Sandberg, was one of those who noted that while security was paramount, there was still a need for a free and open internet platform. She said the internet and the social media had emerged as a major platform for freedom of speech.
Outlined at the event, a Partnership for Cyber Resilience highlighted key principles for cyber resilience, which were developed by Deloitte through multistakeholder dialogue across multiple regions and sectors.
In summary, the Principles are:
-Recognition of interdependence: All parties have a role in fostering a resilient shared digital space
-Role of leadership: Ensure executive-level awareness and leadership of cyber risk management
-Integrated risk management: Develop a practical and effective implementation programme
-Promote uptake: Where appropriate, encourage suppliers and customers to develop a similar level of awareness and commitment
MORE SECURITY NEWS
Cyber security workshop set for WednesdayThe African Cyber Risk institute (ACRI) will host a cyber security conference in Gaborone on the 29th of October. Read More
Kaspersky Lab: Ebola hook in “Nigerian” spamIn September spammers produced topical new versions of the old “Nigerian Letter” scam, this time based on the Ebola virus. Read More
Cisco warns of unprecedented growth of malicious trafficThreats designed to take advantage of users’ trust in systems, applications and personal networks have reached startling levels, a new report by Cisco reveals. Read More
Users cover webcams due to spying fearsKaspersky Lab research has found a large proportion of computer users cover up their webcams for fear of being spied on. Read More
Growing African focus on data securityBeachhead Solutions’ new SA and Mauritius country manager explains the challenges and solutions around securing customer data and compliance with new personal information legislation. Read More
Costly kids: families lose money or data due to children on the netAccording to joint research by Kaspersky Lab and B2B International, 18% of users in South Africa have lost either money or important information as a result of their children’s online activity. Read More
No silver bullet for securityFor too many businesses, the idea of a security ‘quick fix’ is tempting, and they learn the hard way that there is no such thing, says Intact Security. Read More
Every fifth Android user faces cyber attacksAccording to the results of the “Mobile cyber-threats” survey carried out by Kaspersky Lab and INTERPOL between August 2013 and July 2014, every fifth Android-based device protected by Kaspersky Lab security solutions was a target of malware at least once during the reporting period. Read More
Risks of cyber attacks hard to defineIt is extremely hard to apply to the risks caused by the myriad cyber threats out there, as they are hard to define, harder to prevent, and it is almost impossible to accurately assess the cost and damage of a breach once it has taken place, says Intact Software Distribution. Read More
FEATURED STORYGrowing African focus on data security
Beachhead Solutions’ new SA and Mauritius country manager explains the challenges and solutions around securing customer data and compliance with new personal information legislation.
BEST READ NEWS
IN DEPTHAfrica lags on digital migration
Only three African countries have so far completed the digital migration process, and serious issues are hampering the migration in other nations.
COMPANY NEWSSchneider Electric off-grid, on-profit solutions to create social change in African rural communitie
Schneider Electric South Africa has set itself a target to create access to energy for 20,000 Africans by the end of this year.SAP accelerates shift to the Cloud with 41% revenue growth in third quarter
SAP has once again raised its revenue outlook, reporting broad market adoption of SAP HANA and its ‘Run Simple’ strategy validated.