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+--- Thread: Cyber Hacks Cost Up to $109 Billion in 2016, U.S. Estimates (/Thread-Cyber-Hacks-Cost-Up-to-109-Billion-in-2016-U-S-Estimates)
Cyber Hacks Cost Up to $109 Billion in 2016, U.S. Estimates - Torwaldson - 02-16-2018
Malicious cyber activity cost the U.S. economy between $57 billion and $109 billion in 2016, the White House said Friday.
The estimate comes in a Council of Economic Advisers report on the impact of cyber attacks on U.S. government and industry. The report details the range of threats that U.S. entities face from actors, including corporations and countries such as Russia, China, Iran and North Korea.
"Cyber threats are ever-evolving and may come from sophisticated adversaries," the CEA said in its report. "Due to common vulnerabilities, instances of security breaches occur across firms and in patterns that are difficult to anticipate."
Full reading: https://www.bloomberg.com/news/articles/2018-02-16/cyber-hacks-cost-as-much-as-109-billion-in-2016-u-s-estimates
RE: Cyber Hacks Cost Up to $109 Billion in 2016, U.S. Estimates - mothered - 02-17-2018
I knew It was costly, but not to that magnitude In the US alone.
Upon viewing the article and based on personal experience, I actually expected the healthcare sector to be ahead of finance.
Very Informative reading, thanks.
RE: Cyber Hacks Cost Up to $109 Billion in 2016, U.S. Estimates - Oni - 02-18-2018
Companies could probably minimize this by implementing bug bounties and hiring more competent IT/devs.
RE: Cyber Hacks Cost Up to $109 Billion in 2016, U.S. Estimates - Blink - 02-18-2018
(02-18-2018, 03:52 AM)Oni Wrote: Companies could probably minimize this by implementing bug bounties and hiring more competent IT/devs.
It's easier to report bugs than to exploit them, people will do so if there's money in it.
RE: Cyber Hacks Cost Up to $109 Billion in 2016, U.S. Estimates - mothered - 02-18-2018
(02-18-2018, 05:21 AM)Ender Wrote: It's easier to report bugs than to exploit them, people will do so if there's money in it.
Agree.
In some cases, the downside of reporting vulnerabilities on a case-by-case basis (without an Incentive of any sort), Is the entity Itself considers the end user's actions as unethical. As such, rather than being grateful, they seek further action to try and Identify & apprehend the user. I'm very selective with whom I report my findings and how I go about doing It.
RE: Cyber Hacks Cost Up to $109 Billion in 2016, U.S. Estimates - audi887 - 10-26-2019
Bug bounties only offer so much, coz there will always be someone from the opposite party who would pay more to use the exploit, for example Russia and China paying more than what facebook or other corporate company would pay. or else selling them to other numerous small companies and among the group of other hackers
RE: Cyber Hacks Cost Up to $109 Billion in 2016, U.S. Estimates - ChristopherHALK - 11-02-2019
Bug bounties only offer so much,
RE: Cyber Hacks Cost Up to $109 Billion in 2016, U.S. Estimates - azozaziz - 11-06-2019
Ok, there no real practical reason for doing this