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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The 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…
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