By John F. Wysseier, President and CEO, The CEI Group, Inc.
My theme in this continuing blog is that business disruption – the kind that results from a continuous strategic embrace of cutting-edge technology – is not just a good thing, but a requirement. Call it creative destruction. But there’s another kind of technology-powered disruption that is simply destructive: the hacking of an organization’s digital infrastructure.
How pervasive is the threat? Consider the following:
• Computer Ventures, a researcher and publisher covering the global cyber economy, estimates that cyberattacks cost the global economy $3 trillion in 2015, a figure is likely to double to $6 trillion a year by 2021.
• PWC, the accounting and consulting firm, says that 32 percent of U.S. organizations were victims of cybercrime in 2016, and projects that 34 percent will have become victims by the end of 2018.
• Microsoft estimates that average cost of a data breach to a business is $3.8 million, and that the average attacker resides in a network for 146 days before being detected.
• A University of Maryland study found that hackers were attacking computers and networks “at near-constant rate”, with an average of one attack every 39 seconds.