IBM’s CEO On Hackers: ‘Cyber Crime Is The Greatest Threat To Every Company In The World’…(Get Out Of The Banks!!)
Steve Morgan
Forbes.com
NOV 24, 2015
The British insurance company Lloyd’s estimates that cyber attacks cost businesses as much as $400 billion a year, which includes direct damage plus post-attack disruption to the normal course of business. Some vendor and media forecasts put the cybercrime figure as high as $500 billion and more.
The World Economic Forum (WEF) says a significant portion of cybercrime goes undetected, particularly industrial espionage where access to confidential documents and data is difficult to spot.
Then there’s the hacks and breaches which go unreported by privately held and unregulated companies who are fearful of how cyber incidents will damage their reputations — which can have a negative impact on revenues, company valuation when raising capital, customer acquisition and retention, and their ability to recruit top talent.
Ginni Rometty, IBM Corp.’s Chairman, President and CEO, had the following to say at the IBM IBM +0.36% Security Summit in New York City earlier this year, when she addressed CISOs (Chief Information Security Officers), CIOs, and CEOs from 123 companies in 24 industries. – “We believe that data is the phenomenon of our time. It is the world’s new natural resource. It is the new basis of competitive advantage, and it is transforming every profession and industry. If all of this is true – even inevitable – then cyber crime, by definition, is the greatest threat to every profession, every industry, every company in the world.”
The Rest…HERE
