According to U.S. cybersecurity analysts, 12 small groups of hackers from China are responsible for more than $1 billion worth of data from companies throughout the nation. These groups have been monitored by McAfee, a prestigious Internet security company, who drew upon information collected over time. Earlier this year, McAfee tracked intrusions into the U.S. energy grid back to China, where the hacker groups were finally identified after years of arduous investigation. Last month, U.S. intelligence officials formally rebuked China for its part in the intrusions, but no other action was…
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MIT report highlights the importance of cyber insurance for the U.S. energy grid
The Massachusetts Institute of Technology has released a new report that highlights the U.S.’s need for a cybersecurity shield. MIT claims that the need for protection is most apparent with the country’s energy grid, which is susceptible to attack as it is governed by a myriad of federal agencies. The report notes that there is no single insurance policy that can accommodate the massive risk inherent with such a large energy infrastructure, but the government should take steps to procure multiple policies that augment one another to ensure safety. MIT’s…
Read MoreThe need for cyber insurance grows in light of recent attack on 48 chemical and defense companies in the U.S.
A new report from Symantec Corp., a leading security firm, highlights the dangers of cyber attacks and the value of cyber insurance. Late last month, approximately 48 chemical and defense companies in the U.S. were the targets of a large cyber attack that was traced back to one man in China. Symantec did not identify the companies in the report, but noted that few had any kind of insurance to protect against such an attack. The attack has been linked to industrial espionage, as the compromised information detailed chemicals, formulas…
Read MoreLegislators meet to determine a course of action for cybersecurity
A bipartisan cybersecurity bill may be heading for Congress this week. Federal lawmakers have been discussing the growing threat residing in the digital world and what it means for national security and that of citizens. Over the years, several companies have been the target of cybercrimes such as hacking and data theft. The recent security breaches at Sony Online Entertainment, which compromised the financial information of thousands of consumers, highlight the need for new legislations that encourage cyber insurance. Cyber insurance – that is, insurance that protects against cybercrime –…
Read MoreCyber security a major issue for the U.S. according to inquisitive task force
Cyber security is a growing area of concern in the business world. A number of major attacks have shown the danger of having lackluster protection and has cost some companies millions of dollars. The damage wrought from these attacks in not only shouldered by the targeted companies, however, they have also produced grievous financial wounds on consumers who had their identities and financial information compromised in the attacks. A Congressional task force, which was tasked with the duty of investigating the importance of cyber security, has released recommendations to lawmakers…
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