Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Cybercrime

Cybersecurity Plagued by Insufficient Data: White House

Cyberattacks Are Costly, and Things Could Get Worse: US Report

Cyberattacks cost the United States between $57 billion and $109 billion in 2016, a White House report said Friday, warning of a “spillover” effect for the broader economy if the situation worsens.

Cyberattacks Are Costly, and Things Could Get Worse: US Report

Cyberattacks cost the United States between $57 billion and $109 billion in 2016, a White House report said Friday, warning of a “spillover” effect for the broader economy if the situation worsens.

A report by the White House Council of Economic Advisers sought to quantify what it called “malicious cyber activity directed at private and public entities” including denial of service attacks, data breaches and theft of intellectual property, and sensitive financial and strategic information.

It warned of malicious activity by “nation-states” and specifically cited Russia, China, Iran, and North Korea.

The report noted particular concern over attacks on so-called critical infrastructure, such as highways, power grids, communications systems, dams, and food production facilities which could lead to important spillover impacts beyond the target victims.

“If a firm owns a critical infrastructure asset, an attack against this firm could cause major disruption throughout the economy,” the report said.

It added that concerns were high around cyberattacks against the financial and energy sectors.

“These sectors are internally interconnected and interdependent with other sectors as well as robustly connected to the internet, and are thus at a highest risk for a devastating cyberattack that would ripple through the entire economy,” it said.

Advertisement. Scroll to continue reading.

The report offered little in the way of new recommendations on improving cybersecurity, but noted that the situation is hurt by “insufficient data” as well as “underinvestment” in defensive systems by the private sector.

The document was issued a day after US officials blamed Russia for last year’s devastating “NotPetya” ransomware attack, calling it a Kremlin effort to destabilize Ukraine which then spun out of control, hitting companies in the US, Europe and elsewhere.

It said Russia, China, North Korea and other nation-states “often engage in sophisticated, targeted attacks,” with a specific emphasis on industrial espionage.

“If they have funding needs, they may conduct ransom attacks and electronic thefts of funds,” the report said.

But threats were also seen from “hacktivists,” or politically motivated groups, as well as criminal organizations, corporate competitors, company insiders and “opportunists.”

In an oft-repeated recommendation, the White House report said more data sharing could help thwart some attacks.

“The field of cybersecurity is plagued by insufficient data, largely because firms face a strong disincentive to report negative news,” the report said.

“Cyber protection could be greatly improved if data on past data breaches and cyberattacks were more readily shared across firms.”

Written By

AFP 2023

Click to comment

Trending

Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest threats, trends, and technology, along with insightful columns from industry experts.

Gain valuable insights from industry professionals who will help guide you through the intricacies of industrial cybersecurity.

Register

Join us for an in depth exploration of the critical nature of software and vendor supply chain security issues with a focus on understanding how attacks against identity infrastructure come with major cascading effects.

Register

Expert Insights

Related Content

Cybercrime

The changing nature of what we still generally call ransomware will continue through 2023, driven by three primary conditions.

Cybercrime

As it evolves, web3 will contain and increase all the security issues of web2 – and perhaps add a few more.

Cybercrime

A recently disclosed vBulletin vulnerability, which had a zero-day status for roughly two days last week, was exploited in a hacker attack targeting the...

Cybercrime

Luxury retailer Neiman Marcus Group informed some customers last week that their online accounts had been breached by hackers.

Cybercrime

Zendesk is informing customers about a data breach that started with an SMS phishing campaign targeting the company’s employees.

Artificial Intelligence

The release of OpenAI’s ChatGPT in late 2022 has demonstrated the potential of AI for both good and bad.

Cybercrime

Satellite TV giant Dish Network confirmed that a recent outage was the result of a cyberattack and admitted that data was stolen.

Cybercrime

Patch Tuesday: Microsoft calls attention to a series of zero-day remote code execution attacks hitting its Office productivity suite.