The Slow Drain on Cyber ​​America

Filly Intelligence, a comprehensive security and intelligence firm, suggests that America is not taking enough action in response to the serious threat posed by cyber to our country. Despite an increasing awareness of the associated risks in cyber and digital systems, large parts of the economy and individual actors, ranging from consumers to large commercial companies, are still not using the available expertise, processes and technology to secure their systems . the protective measures evolve as fast as the threats. This general lack of investment poses greater risk to businesses and consumers, leads to economic losses on an individual and aggregate level, and threatens US national security. Threats are growing at network speeds and the traditional static line of cyber defense is no longer enough to prevent the capabilities of malicious actors.

There is an unrecognized danger for commercial industries that fail to implement adequate security programs. The danger posed by the continued trend of the ongoing series of low-to-medium-level cyber-attacks is that they are cumulatively costing US economic competitiveness and national security. Many of the constant trickle attacks target intellectual property, business plans, and technologies (manufacturing, supply chain, etc.) that form the competitive base of many US companies.

There are potentially devastating long-term consequences of the cyber threat facing the industry today. This cybercrime trend is harming US trade, competitiveness, innovation and the overall global economy. We expect US industry executives to continue to compete more aggressively for companies in international markets and continue to increase capital expenditures in the global economic environment.

The current trend of low-level cyber theft of IP, information and competitive data from US commercial companies could create a theoretical “tax on innovation” that could seriously undermine the incentive for US companies to participate in research and development.

US small businesses are clearly under attack not only for their information and technology, but for using it as vectors to cover attacks against other partner systems. Last year, nearly half of global cyberattacks (43%) targeted small businesses with fewer than 250 employees. (Symantec report) These cybercriminals commit theft through small businesses. They rob a bank account by making fraudulent transfers by emailing the bank and posing as the account owner whose credentials they also breached. Let’s face it – cybercrime is a big payer these days, it’s now profitable to steal customers’ personal identity information, claim fraudulent tax refunds, commit health insurance or Medicare fraud, and even steal intellectual property.