The scary numbers on security from 2015

Summary

This blueAPACHE post reports: A recent presentation by the CEO of Microsoft, Satya Nadella, revealed the impact of hackers on the global business community. He illustrated that in 2015, cybercrime resulted in: * More than 160 million customer records were compromised by the top eight reported breaches in 2015. It concerns emPOWER Security, Microsoft Practice, emPOWER Cloud. It names Microsoft in connection with the announcement. Published in 2016. Figures, product names and event details reflect that time; for current information see the linked service pages.

Key facts

Article

A recent presentation by the CEO of Microsoft, Satya Nadella, revealed the impact of hackers on the global business community. He illustrated that in 2015, cybercrime resulted in:

• More than 160 million customer records were compromised by the top eight reported breaches in 2015.
• Around $3 trillion of market value was destroyed. The lost productivity, lost growth and business impact caused by cybercrime led to the $3 trillion estimate.

He also highlighted that it was 229 days on average between infiltration and detection. The exploits were remaining undetected for well over 6 months on average, which highlights businesses’ lack of security audit and process. You may already be breached, and simply haven’t identified it yet. This isn’t a new phenomenon as Nadella explained; “if you look at the history of computing or history of all information technology, starting from when we started to store data, transmit data and communicate, we’ve always had attacks on trust. With mail came mail fraud. With the telegraph, radio and television came wire fraud. And now with the Internet we have cybercrime.” Technology has moved from our IT environment which we control, to be an extended global network. Security has not kept up with the changing nature of how business is done. Today however, like the speed of transactions, is that the speed of fraud and the damage done has increased exponentially. Microsoft saw more businesses suffering security breaches last year than ever before. They also saw more irretrievable destruction of data and more lost productivity amongst their clients than in any year previously. Nadella continued “there isn’t any aspect of our life, how we entertain ourselves, how we do commerce, how we educate our boys and girls, there isn’t a part of the economy from retail to healthcare to energy that is not using digital technology today to drive innovation and transform itself. So it’s become the core of not just tech industry but the core of every industry. But customers are not going to use this technology if they can’t trust it”. And here lies the technology key. Creating environments (whether they be cloud or on-premises) that deliver the security to meet regulatory privacy requirements and the continuity businesses demand, is no longer a ‘nice to have’ – it is essential. This is further amplified by the proposed Australian legislation demanding data breaches be reported by all businesses with revenue over $3 million. The impact a breach has when announced into the public domain presents a wrath of trust and technology challenges that some will struggle to overcome. To better understand your security profile, contact the blueAPACHE Consulting Team.

Related

• emPOWER Security
• emPOWER Security (pillar)
• Microsoft Practice (pillar)
• emPOWER Cloud
• emPOWER Cloud (pillar)

Frequently asked questions

What breach figures did Microsoft CEO Satya Nadella cite for 2015, according to the article?

The article says Nadella's presentation revealed more than 160 million customer records were compromised by the top eight reported breaches in 2015, and around $3 trillion of market value was destroyed globally.

What average detection time does the article cite for security breaches?

The article cites an average of 229 days between infiltration and detection, meaning exploits often went undetected for well over six months.

What Australian legislation does the article reference in relation to data breach reporting?

The article references proposed Australian legislation that would require businesses with revenue over $3 million to report data breaches.

How does Nadella frame cybercrime in the historical context described in the article?

Nadella is quoted comparing cybercrime to earlier eras of attacks on trust, noting that mail brought mail fraud and the telegraph and radio brought wire fraud, with the internet now bringing cybercrime.

Is the information in this post still current?

No. It reports 2015 breach statistics from a Microsoft presentation and then-proposed Australian legislation; for blueAPACHE's current security services, see the emPOWER Security pillar page rather than this post.

Source

https://www.blueapache.com/blog/the-scary-numbers-on-security-from-2015/

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