Cybercrimes represent $104B in corporate losses

Written by  //  October 14, 2013  //  Telecommunications/Technology  //  No comments

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Puerto Rico industries that benefit from security features offered through software technologies include banks, health care, manufacturing and communications.

Puerto Rico industries that benefit from security features offered through software technologies include banks, health care, manufacturing and communications.

Cybercrime continues to increase, with 92 percent of Forbes Global 2000 companies reporting data breaches in the last 12 months. This growth is due to adversaries forming a more sophisticated and collaborative marketplace through which they share information and advanced data theft tools. Studies estimate that the global cybercrime black market has a value of $104 billion per year.

That said, software companies such as Hewlett-Packard and Avaya are urging customers to rethink their security strategies to disrupt adversaries, manage risk and extend their organizations’ security capabilities.

“Enterprises today aren’t facing a single attacker; they are fighting a well-organized, well-funded adversary marketplace,” said Art Gilliland, senior vice president of HP Enterprise Security Products. “To succeed in thwarting attacks, you need a trusted partner that can provide end-to-end security with enhanced threat intelligence to disrupt the adversary.”

Because many offices now allow employees to bring their own devices to the office, security strategies must also incorporate that technology, HP experts said.

“The extended business includes not only multiple devices and locations, but also a wide network of vendors and suppliers,” said José Tous, HP Software & Security Territory Executive. “In Puerto Rico it is estimated that approximately 91 percent of small and medium enterprises lack a consolidated security strategy, while 78 percent of high level companies have incomplete security strategies with substantial areas for improvement.”

Puerto Rico industries that benefit from security features offered through software technologies include banks, health care, manufacturing and communications, he said.

Evolving regulatory and legislative requirements are further adding to enterprises’ security burden, with an estimated average cost of noncompliance at $13.7 million for global organizations. Additionally, in the world of bring your own device, IT no longer controls the endpoint, offering the adversary many more control points to attack, HP said.

In Puerto Rico, it is estimated that there are approximately 2.9 billion personal devices in use, with more than 44 percent of residents owning more than one personal device.

“This ‘new style of IT’ requires a deeper integration of IT solutions to defend against potential security threats at the level of user interaction. HP TippingPoint NGFW is designed to respond to the risks introduced by each of these trends,” Tous said.

For the past several years, the Information Systems Security Association has been promoting the adoption of cybersecurity strategies and supporting companies and professionals dedicated to advancing the practice.

This month, the nonprofit named California-based Avaya the 2013 “Cybersecurity Organization of the Year” for its dedication to the advancement of cybersecurity professionals, their organizations and critical infrastructure worldwide.

Avaya Government Solutions is actively involved in ISSA and has built a team of cybersecurity experts who help to defend the nation and its economy against the growing threat of cyberattacks.

“Cyberattacks often come with little or no warning and can debilitate mission-critical operations and infrastructure,” said Mike Paige, CEO of Avaya Government Solutions.

“Our Avaya Government Solutions cybersecurity experts work hand in hand with government agencies to protect and defend our nation’s most valuable resources.  We’re delighted to be recognized for our work and for our support of ISSA and its mission,” he said.

Avaya Government Solutions is part of an Avaya Information Technology Professional Services team that specializes in solutions and services for U.S. defense, civilian and intelligence agencies, as well as state and local governments.

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