The Dangers Of Cyber Attacks

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According to former US Secretary of Defense (SECDEF) Leon E. Panetta, “a cyber attack perpetrated by nation states or violent extremist groups could be as destructive as the terrorist attack on 9/11.” He further elaborated on the danger our cyber based society faces in an October 2012 meeting with business leaders, highlighting high profile cyber attacks that affected Saudi Arabia and Qatar’s energy sector. In this attack conducted by unknown actors “30 thousand computers integral to Saudi Arabia and Qatar’s energy sector were rendered useless”, and he warned that America 's critical infrastructure and corporations are in danger just as much if not more so than any other country in the world. In order to better understand the danger in which high profile individuals like former US SECDEF Leon E. Panetta highlights, it is essential to first understand what a cyber attack is. A cyber attack is any type of “offensive maneuver employed by individuals or whole organizations that targets computer information systems, infrastructure, computer networks, and/or personal computer devices …show more content…
based research institution recently released an October 2015 study “Cost of Cyber Crime” sponsored by Hewlett Packard enterprise. This study which was based on data from 52 U.S. based multinational corporation’s and 252 companies in 7 countries found that the mean annualized cost for cyber crime is $15 million per year. This range which varied from company to company was dependent on the size of the company and measures taken to mitigate cyber threats from both external and internal nefarious actors. Additionally, the 2015 mean annualized cost of $15 million per year has increased $2.7 million from $12.7 million in 2014 showing a gradual increase. And of those losses based on cyber crimes conducted year to year the costliest have been those caused by denial of services1 ($255,470 FY15), malicious insiders2 ($179,805 FY15), and malicious code3 ($164,500

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