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Report: Businesses very worried about financial impact of cyber attacks

SUBNET Solutions Inc | Wednesday, June 01, 2011

In the wake of the release of a Pentagon report that deems certain kinds of cyber attacks as an act of war against the U.S., a new report has shed light on the huge financial costs that occur when their cyber security networks are breached.

The MIT Technology Review reports that companies specializing in industries as varied as electronics and utilities are increasingly concerned about the threat of cyber security attacks because of the significant financial threat they pose. For example, Sony has come under intense scrutiny after its network was breached, resulting in a loss of more than $170 million.

What's more, smart grid security measures have come under intense pressure from federal and industry officials who worry that critical infrastructure protection protocols in the U.S. are woefully outdated.

A 2009 research road map released by the U.S. Department of Homeland Security corroborates these findings, as it concluded that cyber attack methods are evolving at such a torrid pace that many businesses and utilities are unaware of whether their data is becoming more or less secure. Further, a majority of critical infrastructure providers and businesses are unaware of what sorts of policies their competitors are implementing to prevent attacks.

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