There’s no denying it, cybercrime is on the rise across the world. Reports of security breaches within financial institutions, online media publications, and only recently the social media giant Twitter, came under cyberattack, by “highly sophisticated” hackers.
Last year’s security breaches should be a strong indication of what’s to come in 2013. Today, it’s been reported that the European Union is making a strong attempt to intensify global efforts to fight cybercrime. Under the new proposals, over 40,000 firms will be required to report cyber-break-ins; this includes energy providers, banks and hospitals.
Europe needs resilient networks and systems and failing to act would impose significant costs on consumers, businesses and society. – Said Digital Agenda Commissioner Neelie Kroes.
However, many firms are apparently concerned about reporting online attacks and security breaches in fear that it might damage their reputations. Regardless of their concerns, many breaches have in fact taken place prompting the EU to propose new measures. The EU is adamant that member states share information about attacks and beef up their cyber defences.
The measures will require each country to appoint a Computer Emergency Response Team, therefore creating an authority, where companies would report breaches. The newly appointed “Computer Emergency Response Team” would then decide whether to make the breaches public and whether to fine the companies involved.
Cybercrime in America
In a recent report from the Ponemon Institute, the annual cost of cybercrime jumped by 6% to $8.9 million in 2012. This increase was a direct result of denial of service (DoS) website attacks and malicious insiders. On average, it was reported that almost 2 successful attacks were happening each week. Every successful attack contained a virus, worm, Trojan or malware; which included remotely controlled botnets.
Attacks have become both harder to detect and harder to clean up – said Larry Ponemon, chairman and founder of the Institute.