Sunday, October 25, 2015

Increased U.S. cyber security spending fails to diminish detrimental effects of cyber attacks.

Not only has the cost of cyber security attacks increased but U.S. spending on cyber security is projected to be approximately 83 billion by 2016. Representing almost a 30% increase in spending since 2012.

The U.S. is also the leading country affected by cyber attacks. Some of the largest attacks worldwide have involved U.S. companies and americans have been paying the price. Some of the largest attacks since 2010 include Target, Ebay, Yahoo, UPS, Apple Icloud, J.P. Morgan and PF chang's China Bistro.

Unfortunately, almost all of these attacks are affecting hardworking americans. For scale, the attack on target affected over 70 million individuals. The average cost for each individual was $298 but 40million customers credit information was compromised and could have lasting effects.

The most commonly stolen information includes financial records, medical records, and emails. Since 2008 approximately 73% of americans admit to being a victim of a cyberattack. 71% of attacks in the U.S. target personal devices such as phones, computers and tablets.

Overall, cyber attacks are not a thing of the past and damages will only become more common. Our increased spending on cyber security has not significantly decreased damages. We should take the time to assess the security of our information and take every step possible to increase personal security.




Sources:
http://www.wsj.com/articles/financial-firms-bolster-cybersecurity-budgets-1416182536
http://www.privacyrisksadvisors.com/data-breach-toolkit/worlds-biggest-data-breaches/
http://resources.infosecinstitute.com/cybercrime-and-the-underground-market/
http://resources.infosecinstitute.com/2013-impact-cybercrime/
http://hackjacks.blogspot.com/2013/11/latest-cyber-attacks-statistics-2013.html
http://www-935.ibm.com/services/uk/en/it-services/data-breach/data-breach-statistics.html
https://infograph.venngage.com/infograph/view/4241d074-96e2-46a1-aa72-d2a22ed780e8