|By Business Wire||
|February 24, 2014 07:01 PM EST||
BAE Systems Applied Intelligence today quantifies the extent of the impact on US businesses of the wave of recent high-profile cyber attacks in December 2013 and January 2014. New research conducted this month reveals that the attacks on international businesses, including banks and retail giants such as Target, led to a significant 60% of US businesses surveyed increasing their cyber security budget. Of those businesses planning to increase their cyber security budget over the next 12 months, a resounding 78% cited the recent attacks as having a significant influence on their decision.
The international research also found that 53% of US companies surveyed now regard the threat from cyber attacks as one of their top three business risks, mirroring the recent warning from the World Economic Forum that cyber attacks are among the 5 biggest threats facing the world in 2014.1 The research details business concerns and opinion around cyber and indicates a strong demand from major global companies for greater intelligence about the nature of new cyber threats and a better understanding of business vulnerability.
The new findings come as BAE Systems Applied Intelligence releases “Business and the Cyber Threat: the rise of Digital Criminality”, which found that the majority of US respondents (82%) expected the number of targeted cyber attacks to increase over the next two years.2 It was immediately striking that organized groups of fraudsters were identified by the highest number of respondents in both the US (52%) and across the survey group as a whole (55%), as the group considered most likely to mount attacks. This would seem to point to a concern around the potential damage of cyber-enabled fraud attacks of precisely the nature experienced by Target and others.
The research also showed that businesses believe that their increasing exposure to cyber threats, caused by new ways of working, poses a risk as they adapt business practices to keep pace with the hyper-connected world. For example, 72% of North American respondents thought the cyber risk posed by mobile technologies was a significant risk but only 61% were confident they understood the risks.3
Faced with these challenges, it was alarming to note that a significant proportion of respondents - around a third (31% in the US and 30% globally) - still did not believe that their Board of Directors fully understood the risks presented by cyber. To investigate further, the research then explored which tools respondents believed would help their Boards to take greater action to prevent cyber attacks. Having a clearer understanding of vulnerabilities (advocated by 53% of respondents in the US and 50% overall) and having intelligence about upcoming threats (44% in the US and 47% overall) proved the most popular responses.
Martin Sutherland, Managing Director, BAE Systems Applied Intelligence, said:
“What this research clearly shows is that US businesses are increasingly aware of the cyber threat and have a range of counter measures in place. However, digital crime as a whole - a dangerous combination of organized groups of criminals using cyber techniques to carry out financial crime - is also a major concern, particularly since the most recent wave of high-profile attacks.
“And as the number of avenues open to criminals in a hyper-connected world increases, we are seeing a genuine hunger from businesses for a clearer understanding of their own vulnerabilities and up to the minute cyber threat intelligence.”
Further US findings:
- Cost: 29% of respondents estimated a successful cyber attack would cost their organization more than US$75 million, a further 20% said more than US$15 million.
- Cause of attacks: The group identified as most likely to mount target attacks by the highest number of US respondents was organized groups of fraudsters (55% of respondents). Americans were more concerned about those involved in industrial espionage than any other market (47% compared to 40% in Canada, 37% in the UK and 35% in Australia).
- Concern: When asked what they would be most concerned about in the event of a successful attack, the most common response in the US was loss of customer data (61%). The second ranking concern amongst US respondents was theft of intellectual property – with Americans noticeably more concerned about IP theft than other markets (47% or respondents compared to 38% in Canada, 35% in the UK, and 43% in Australia).
- Confidence: A substantial majority (88%) were confident in their organization’s ability to prevent targeted cyber attacks. A smaller, but still large majority (77%), were confident in their sector’s ability to prevent attacks.
- Crisis Plans: 28% of US organizations surveyed still did not have, or were unaware of, crisis plans in the event of a cyber attack on their company. Of those respondents who did have crisis plans, 56% thought these were well publicized. In Canada 70% of those surveyed said they had crisis plans, but only 37% of those with plans said they were well publicized.
- Convergence: Of those respondents who had encountered cyber-enabled fraud, 55% of US respondents and 50% of Canadian respondents expect cyber to play an increasing role in financial fraud.
Martin Sutherland, Managing Director, BAE Systems Applied Intelligence, continued:
“The recent attacks demonstrate that there is no ‘silver bullet’ and a combination of robust processes, and controls, user awareness and vigilant security operations all have to play a part in protecting the enterprise. However, these approaches are only as good as the information used to implement them.
“In order to adapt to the ever evolving threat landscape, companies will also need to develop holistic threat intelligence management programs supported by security platforms that not only provide the raw intelligence data but also the ability to process and analyze large amounts of complicated information as quickly and clearly as possible.”
BAE Systems Applied Intelligence continues to develop ground breaking analytics tools that enable businesses to make the best possible use of all the threat data and intelligence they receive in order to defend themselves and their customers from digital criminality and keep one step ahead of an increasingly sophisticated group of adversaries.
We will be at stand 2226 in the South Exhibition at RSA 2014, for those visiting the show this year.
The full report can be found at: http://www.baesystems.com/ai/cyberthreat
Notes to editors
- From Global Risks 2014, published by the World Economic Forum in January 2014.
- Our North American report, “Business and the Cyber Threat: the rise of Digital Criminality”, is based on 350 online interviews conducted by Ipsos MORI with strategic and IT decision makers in private sector companies in the US (300) and Canada (50), carried out online using a business panel in Fall 2013. Participants were drawn from companies with a turnover in excess of US$470 million (Canadian $522 million) from a range of business sectors including Financial Services (Banking and Insurance), Telecoms, Energy, Transportation, Technology, Engineering, Mining, Legal, Media and Pharmaceutical. Additional research conducted with 151 respondents in North America was conducted online in February 2014 among a comparable audience.
- This refers to respondents scoring 4 or 5 out of 5, where 5 means ‘Very significant’ or ‘Very confident’ and 1 means ‘Not at all significant’ or ‘Not confident at all’
- Please contact us for a copy of the full report, or visit http://www.baesystems.com/ai/cyberthreat
About BAE Systems Applied Intelligence
We deliver solutions which help our clients to protect and enhance their critical assets in the intelligence age. Our intelligent protection solutions combine large-scale data exploitation, ‘intelligence-grade’ security and complex services and solutions integration.
We operate in four key domains of expertise: cyber security, financial crime, communications intelligence and digital transformation.
Leading enterprises and government departments use our solutions to protect and enhance their physical infrastructure, mission-critical systems, valuable intellectual property, corporate information, reputation and customer relationships, competitive advantage and financial success.
Applied Intelligence is part of BAE Systems, a global defense, aerospace and security company with approximately 90,000 employees worldwide. BAE Systems delivers a wide range of products and services for air, land and naval forces, as well as advanced electronics, security, information technology solutions and customer support services. For more information, please visit www.baesystems.com.
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
Jan. 16, 2017 11:45 PM EST Reads: 4,177
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
Jan. 16, 2017 11:30 PM EST Reads: 3,507
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Jan. 16, 2017 09:00 PM EST Reads: 7,435
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
Jan. 16, 2017 08:45 PM EST Reads: 4,576
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
Jan. 16, 2017 08:00 PM EST Reads: 618
The proper isolation of resources is essential for multi-tenant environments. The traditional approach to isolate resources is, however, rather heavyweight. In his session at 18th Cloud Expo, Igor Drobiazko, co-founder of elastic.io, drew upon his own experience with operating a Docker container-based infrastructure on a large scale and present a lightweight solution for resource isolation using microservices. He also discussed the implementation of microservices in data and application integrat...
Jan. 16, 2017 06:45 PM EST Reads: 3,486
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Jan. 16, 2017 06:00 PM EST Reads: 369
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...
Jan. 16, 2017 05:00 PM EST Reads: 4,012
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
Jan. 16, 2017 03:30 PM EST Reads: 4,822
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
Jan. 16, 2017 03:15 PM EST Reads: 355
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 16, 2017 02:30 PM EST Reads: 1,549
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 16, 2017 02:15 PM EST Reads: 5,267
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Jan. 16, 2017 01:45 PM EST Reads: 3,594
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Jan. 16, 2017 01:30 PM EST Reads: 3,309
Updating DevOps to the latest production data slows down your development cycle. Probably it is due to slow, inefficient conventional storage and associated copy data management practices. In his session at @DevOpsSummit at 20th Cloud Expo, Dhiraj Sehgal, in Product and Solution at Tintri, will talk about DevOps and cloud-focused storage to update hundreds of child VMs (different flavors) with updates from a master VM in minutes, saving hours or even days in each development cycle. He will also...
Jan. 16, 2017 01:00 PM EST Reads: 1,031