From: CSO
Antone Gonsalves (CSO (US))
Continuous, high-profile cyberattacks like the one against retailer Target could slow adoption of emerging technologies, resulting in a loss of as much as $3 trillion to the global economy, a study shows.
The finding by the World Economic Forum is based on a scenario in which innovation in cybercriminals’ attack tools outpaces the defensive capabilities of organizations. If that was to happen, than major data breaches would cause a wave of new regulations and corporate polices that would slow adoption of cloud computing, big data analytics and other transformative technologies.
“Current trends could result in a backlash against digitization, with huge economic impact,” said the report entitled “Risk and Responsibility in a Hyperconnected World.”
Indeed, the attack on Target’s point-of-sale systems during the holiday shopping season, which led to the theft of 40 million payment card records and the personal information of 70 million customers, has drawn congressional scrutiny, with Senate hearings set for next month. The FBI has warned retailers more cyberattacks are likely, given the bureau’s discovery of about 20 hacking cases over the last year, Reuters reported.
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