|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.
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
Aug. 24, 2016 10:30 PM EDT Reads: 1,436
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
Aug. 24, 2016 10:30 PM EDT Reads: 2,003
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.
Aug. 24, 2016 09:30 PM EDT Reads: 299
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Aug. 24, 2016 09:15 PM EDT Reads: 1,658
Kubernetes, Docker and containers are changing the world, and how companies are deploying their software and running their infrastructure. With the shift in how applications are built and deployed, new challenges must be solved. In his session at @DevOpsSummit at19th Cloud Expo, Sebastian Scheele, co-founder of Loodse, will discuss the implications of containerized applications/infrastructures and their impact on the enterprise. In a real world example based on Kubernetes, he will show how to ...
Aug. 24, 2016 04:45 PM EDT Reads: 1,297
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
Aug. 24, 2016 04:15 PM EDT Reads: 334
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Aug. 24, 2016 04:15 PM EDT Reads: 461
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Aug. 24, 2016 04:15 PM EDT Reads: 2,551
To paraphrase someone famous, "The definition of insanity is to do something the same way over and over again and expect a different result". Humans are creatures of habit and when it comes to storage, old habits die hard. Why do we continue to put our faith in legacy storage providers when they haven't invented anything new in decades. Sure, they re-badge their products every couple of years to make their messaging look modern, but ultimately, it's the same old stuff with a new coat of lipsti...
Aug. 24, 2016 04:10 PM EDT Reads: 284
StarNet Communications Corp has announced the addition of three Secure Remote Desktop modules to its flagship X-Win32 PC X server. The new modules enable X-Win32 to safely tunnel the remote desktops from Linux and Unix servers to the user’s PC over encrypted SSH. Traditionally, users of PC X servers deploy the XDMCP protocol to display remote desktop environments such as the Gnome and KDE desktops on Linux servers and the CDE environment on Solaris Unix machines. XDMCP is used primarily on comp...
Aug. 24, 2016 03:15 PM EDT Reads: 395
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
Aug. 24, 2016 02:15 PM EDT Reads: 1,434
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Aug. 24, 2016 02:00 PM EDT Reads: 1,832
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
Aug. 24, 2016 02:00 PM EDT Reads: 474
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Aug. 24, 2016 12:15 PM EDT Reads: 1,797
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Aug. 24, 2016 12:00 PM EDT Reads: 3,846