Cost of cyber crime rises to $ trillions

In a recent panel session hosted by Chubb, “Becoming Cyber Smart at Home, Work and Wherever Life Takes You,” held in New York City, cyber industry experts from ADT, Carnegie Mellon University and Cyberscout outlined a range of cyber threats facing individuals and small businesses in today’s connected world.
Patrick Thielen, Senior Vice President, Cyber and Technology Product Lead in North America for Chubb, led the panel discussion among cyber security industry. “Global economic costs of cyber crime are rising into the trillions of dollars annually,” said Mr. Thielen. “A large portion of that falls squarely on the shoulders of consumers.” According to various reports, since 2005, there have been more than 8,000 reported data breaches of businesses in which more than 10 billion consumer records have been compromised. In addition, 64% of American adults have been victimised by one or more of these breaches.

Those stats further underscore the vulnerability of our society. According to the recent 2018 Chubb Cyber Risk Survey, 86 % of respondents reported being concerned about cyber incidents, but most underestimated or were unaware of the most common cyber threats – and very few were taking basic precautions to mitigate cyber risk. “As consumers, we weren’t prepared for it, didn’t ask for it, didn’t want it, but we have it,” said Mr Adam Levin, Chairman and Founder of Cyberscout, speaking of cyber security issues. “As a result, it is incumbent upon all of us to work together, for businesses and government to help educate consumers, for consumers to educate ourselves and to be willing to take the extra step.”

The panel described real-life examples and anecdotes, and offered some best practices that individuals and businesses can follow to safeguard their personal information against some of today’s biggest cyber risks.

“The cyber security industry is evolving and maturing,” said Ms Summer Craze Fowler, Technical Director of Cybersecurity Risk and Resilience at Carnegie Mellon. “When we buy a car, we know that it has airbags and antilock brakes; when we buy a lamp and plug it into the wall, we know that it’s not going to catch on fire. It is time for individuals, companies and the government to establish best practices, so that when we buy something that connects to the internet, we know it has certain cyber protections.”

Mr Michael Keen, Vice President, ADT Cybersecurity noted that according to AV Test, over 350,000 strands of malware are created every single day. “The point of emphasis here and the reason why there’s so much cyber crime is because it’s easy and because it pays. If you are not evolving at an equal pace, you’re continuing to be left at risk.”