$500 bil­lion to be spent on cy­ber se­cu­rity world­wide

SP's MAI - - INTERNAL SECURITY -

En­ter­prises world­wide are ex­pected to spend nearly $500 bil­lion this year to deal with prob­lems re­lated to mal­ware and data breaches, a new study says. Ac­cord­ing to the joint study con­ducted by IDC and the Na­tional Univer­sity of Sin­ga­pore (NUS), en­ter­prises may have to spend $127 bil­lion on se­cu­rity is­sues and $364 bil­lion deal­ing with data breaches.

Global con­sumers, on the other hand, are ex­pected to spend $25 bil­lion and waste 1.2 bil­lion hours this year be­cause of se­cu­rity threats and costly com­puter fixes stem­ming from mal­ware on pi­rated soft­ware.

The study, ti­tled “The Link Be­tween Pi­rated Soft­ware and Cy­ber­se­cu­rity Breaches” found 60 per cent re­spon­dents (con­sumers) say­ing their great­est fear from in­fected soft­ware is loss of data, files or per­sonal in­for­ma­tion. This is fol­lowed by unau­tho­rised In­ter­net trans­ac­tions (51 per cent) and hi­jack­ing of email, so­cial net­work­ing and bank ac­counts (50 per cent).

“Cy­ber­crim­i­nals are prof­it­ing from any se­cu­rity lapse they can find, with fi­nan­cially dev­as­tat­ing re­sults for ev­ery­one,” Mi­crosoft Cy­ber­crime Cen­ter Ex­ec­u­tive Di­rec­tor and As­so­ciate Gen­eral Coun­sel David Finn said.

The study was re­leased as part of Mi­crosoft’s ‘ Play It Safe’ cam­paign, a global ini­tia­tive to cre­ate greater aware­ness of the con­nec­tion be­tween mal­ware and piracy. The study stated that nearly two-thirds of en­ter­prises sur­veyed said they could lose $315 bil­lion at the hands of or­gan­ised crim­i­nals. Nearly 20 per cent of the pi­rated soft­ware in en­ter­prises is in­stalled by em­ploy­ees, it added.

About 28 per cent of en­ter­prise re­spon­dents re­ported se­cu­rity breaches caus­ing net­work, com­puter or web­site out­ages oc­cur­ring ev­ery few months or more with 65 per cent of those out­ages in­volved mal­ware on end-user com­put­ers.

“Us­ing pi­rated soft­ware is like walk­ing through a field of land­mines: You don’t know when you will come upon some­thing nasty, but if you do it can be very de­struc­tive,” IDC Chief Re­searcher John Gantz said.

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