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 calling for greater incentives for companies to embolden their defenses.
Cybercrime is often associated with hackers stealing financial information and compromising the security of businesses. Cyber warfare, however, is somewhat more complex than what most people think. According to the task force’s report, businesses are not the only targets at risk due to low security measures, the nation’s power and water facilities may be as well.
The report outlines the need for more robust incentives to spur businesses to take cyber security more seriously. If businesses continue to be compromised, the cost of the damage could shatter the insurance industry. Insurers are still unsure whether the world of cyber warfare presents a credible risk to businesses and individuals, but have waded into the fledgling market of cyber insurance to help combat the costs associated with breached security.
Lawmakers are likely to take the report into consideration when drafting new policies concerning the nation’s cyber security.