Europe Confirms Record €4.1B Penalty Against Google for Android Practices|U.S. CISA adds a Microsoft SharePoint Server flaw to its Known Exploited Vulnerabilities catalog|430,000 FortiGate Devices Exposed in FortiBleed Ransomware Link|Adobe fixed multiple maximum-severity flaws in ColdFusion and Campaign Classic|Alleged Scattered Spider Hacker Extradited to U.S. to Face Cybercrime Charges|Oracle E-Business Suite Flaw Under Active Attack, 950 Systems Exposed|Azure CLI Targeted in LSHIY Password Spray Campaign Across 64 Orgs|CISA Warns BlueHammer Flaw Is Now Exploited in Ransomware Attacks|RustDuck: The Botnet That’s Still Small but Engineering Like It Plans to Grow|GuardFall Flaw Hits 10 of 11 Popular Open-Source AI Agents|XSS.is, The Forum That Ran the Ransomware Supply Chain Is Down. The Market Isn’t|U.S. CISA adds SimpleHelp flaw to its Known Exploited Vulnerabilities catalog|Europe Confirms Record €4.1B Penalty Against Google for Android Practices|U.S. CISA adds a Microsoft SharePoint Server flaw to its Known Exploited Vulnerabilities catalog|430,000 FortiGate Devices Exposed in FortiBleed Ransomware Link|Adobe fixed multiple maximum-severity flaws in ColdFusion and Campaign Classic|Alleged Scattered Spider Hacker Extradited to U.S. to Face Cybercrime Charges|Oracle E-Business Suite Flaw Under Active Attack, 950 Systems Exposed|Azure CLI Targeted in LSHIY Password Spray Campaign Across 64 Orgs|CISA Warns BlueHammer Flaw Is Now Exploited in Ransomware Attacks|RustDuck: The Botnet That’s Still Small but Engineering Like It Plans to Grow|GuardFall Flaw Hits 10 of 11 Popular Open-Source AI Agents|XSS.is, The Forum That Ran the Ransomware Supply Chain Is Down. The Market Isn’t|U.S. CISA adds SimpleHelp flaw to its Known Exploited Vulnerabilities catalog|
Advertisement

Ad Placeholder

Full Width × 90

Cyber Crime

A view on the economic impact of cyber attacks, from US to China

On June 28th, a FBI official declared before a House panel that the phenomenon of cyber espionage is increasing with an alarming trend. We are living a period of great crisis and the intellectual property is becoming a privileged target for cyber attacks. It has been estimated that the economic espionage in the current fiscal […]

A view on the economic impact of cyber attacks, from US to China

On June 28th, a FBI official declared before a House panel that the phenomenon of cyber espionage is increasing with an alarming trend. We are living a period of great crisis and the intellectual property is becoming a privileged target for cyber attacks.

It has been estimated that the economic espionage in the current fiscal year will impact with a cost superior to $13 billion, the news as made public by Frank Figliuzzi, FBI assistant director, counterintelligence division, during a communication before the House Homeland Security subcommittee on counterterrorism and intelligence.

Figliuzzi declared:

“Foreign nations know that it’s always cheaper to steal U.S. technology than it is to research and develop it themselves,”

The cyber espionage is largely diffused both in private and governments sectors, the opportunity to acquire sensible information in this way could give a great advantage to the attackers. The practice of the cyber espionage could be perpetrated in a long interval of time causing dramatic problems, emblematic the case of Nortel firm that has terminated in bankruptcy.

The repercussion are serious on internal economy, the Commerce Department estimates that due cyber espionage have been lost around 27.1 million American jobs in 2010, 18.8 percent of all employment.

The MI5 chief presented a worrisome scenario, the UK industry suffers both state sponsored cyber espionage and organized cybercrime.

The espionage activities are not new, but the introduction of new technology has amplified the size of the phenomenon, Greg Wilshusen, Government Accountability Office director of information security issues, said:

“use of cyberspace have vastly enhanced the reach and potential impact of such threats,”

 

The problem of cyber espionage is also targeting businesses and government all over world, the Director General of MI5, Jonathan Evans, has recently declared that “one major London listed company” estimated that it had lost

“some £800m as a result of hostile state cyber attack – not just through intellectual property loss but also from commercial disadvantage in contractual negotiations.”

Why choose to spy on a private firm or government in economic field?

Technological instruments such as malware represents a cheaper, and less risky, solution to steal sensible secrets.

The most active nations in this area are Russia and China but also countries such as Israel, US and Western States.

Lets conclude this rapid view on cyber espionage with a surprising data, China is world’s biggest cyber attack victim according a recent report published by the National Computer Network Emergency Response Coordination Center of China. The situation is critical due an impressive number of attacks that hit the country.

Following some figures on the security status of Chinese business and their exposure to the attacks;

  • Over 98 percent of Chinese business websites had implemented standard protective measures against security threats in 2011, up from 92.25 percent in 2010 and 78.61 percent in 2009, the report said.
  • Compared with 2010, it has been observed a reducion of  39.4 percent for the number of government websites that were targeted by cyber attacks in 2011.The country was hit by a total of 47,000 overseas based Internet Protocol addresses (IPs) were involved in attacks against 8.9 million Chinese computers last year, an increment of 78% respect 2010. Mainly the attacks are originated in Japan, the US and South Korea, the report said.

What will expect from the future?

No doubts, the attacks will increase, in particular the major increments will be registered using cloud and mobile platforms.

Pierluigi Paganini