Global Cybersecurity Growth: Weekly Cybersecurity Brief

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More often than not, cybersecurity is discussed on a personal level. For example, businesses aim to have secure systems, individuals want to keep their data protected, and so on. What many people do not realize is that cybersecurity reaches global heights. The need for secure systems goes beyond personal devices, company databases or credit card transactions. Articles by Joseph Marks from the Washington Post, Kumar Ritesh from Forbes and Amanda Macias from CNBC dive into current global cybersecurity issues and points out the exponential growth the industry is seeing.

A recent report released by the Australian Cybersecurity Growth Network revealed that the global cybersecurity market is set to increase by $270 billion by 2026. This estimation corresponds accordingly to the increased number of cyberattacks on both personal and global levels. On the personal level, contributing growth factors include adoption of the virtual desktop, decentralized cybersecurity and biometric authentication to prevent hackers. On the global level, countries are targeting one another in attempt to hack systems and get ahead of competition.

This week’s cyber news demonstrates just how dangerous global hacking can be. Earlier this week Iran threatened to hack American oil refineries, financial institutions and other vital infrastructures in response to a fire set on an Iranian nuclear power plant. In addition, FBI Director Christopher Wray released a statement stating the Chinese government often steals American intellectual property for their own gain. In response, U.S. officials are threatening to ban Chinese social media apps such as TikTok in hopes of protecting national security.

As the cybersecurity industry continues to grow, the public must be aware of the large-scale issues hacking creates. These cyber issues, both personal and global, circle back to the need for increased cybersecurity efforts. Organizations, institutions and government infrastructures must place trust into humans, as they are the only ones who can defend our systems. 

Key Takeaways

The Cybersecurity 202: Hacking tensions with Iran are surging again after nuclear site fire – Joseph Marks, The Washington Post

  • Iran believes that the U.S. may be responsible for a fire set on one of their nuclear power plants
  • If the U.S. is proven guilty, Iran promises to respond with a cyberattack on the U.S oil refineries, financial institutions and other vital infrastructures
  • Iran has been linked to several cyberattacks in the past which have negatively impacted countries around the globe

Cybersecurity As We Know It Is About To Change – Kumar Ritesh, Forbes

  • The global cybersecurity market is set to increase by $270 billion by 2026, according to a report by the Australian Cybersecurity Growth Network
  • Adoption of the virtual desktop, decentralized cybersecurity and biometric authentication due to COVID are all factors that contribute to a cybersecurity rise
  • Enhanced policy measures are needed for stricter protection
  • Humans are needed to keep out the hackers

FBI chief slams Chinese cyberattacks on U.S., calls it ‘one of the largest transfers of wealth in human history’ – Amanda Macias, CNBC

  • FBI Director Christopher Wray released a statement saying the Chinese government often steals American intellectual property and then uses it for their own gain
  • Chinese hackers have been caught by the FBI several times trying to invade American systems
  • U.S. officials are threatening to ban Chinese social media apps such as TikTok in addressing national security concerns

Sources:

https://www.washingtonpost.com/news/powerpost/paloma/the-cybersecurity-202/2020/07/06/the-cybersecurity-202-hacking-tensions-with-iran-are-surging-again-after-nuclear-site-fire/5f0232eb88e0fa7b44f6defd/

https://www.forbes.com/sites/forbestechcouncil/2020/07/08/cybersecurity-as-we-know-it-is-about-to-change/#280eb5644689

https://www.cnbc.com/2020/07/07/fbi-chief-slams-chinese-cyberattacks-against-us-hudson-institute.html

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