Well, it looks like 2017 will be the year where we step up our cybersecurity efforts. Without a doubt, we’re in desperate need to better protect the data that’s continuously going out into the world via the Internet.
If you haven’t been reading the news or perusing the Internet, then you probably haven’t come across the multiple articles declaring Russia has hacked the U.S.
Now more than ever, the U.S. is in desperate need of increased cybersecurity, and I think the recent outspoken claim from President Obama about Russia’s previous hack and potential cyber threats is giving fuel to the fire that was already dimly lit.
The government has always been aware of the weak cybersecurity that has plagued our nation for the past decade and half… and I guess they were hoping that nothing too serious would happen.
On December 30th, malicious software that was linked to a Russian hacking group was found in a computer that belonged to Burlington Electric Department, one of Vermont’s electrical utilities.
Commissioner of Vermont’s Public Service Department Christopher Recchia said this:
The grid is not in danger… The utility flagged it, saw it, notified appropriate parties and isolated that one laptop with that malware on it.
Luckily the malware was detected and further precautions were taken to ensure that there weren’t any other threats. However, this software could have brought some serious problems to Burlington Electric’s grid systems.
Senator Patrick J. Leahy from Vermont had this to say about the hack:
This is beyond hackers having electronic joy rides — this is now about trying to access utilities to potentially manipulate the grid and shut it down in the middle of winter… That is a direct threat to Vermont and we do not take it lightly.
An attack on an electrical grid is one of the many infrastructure attack scenarios that the U.S. must prevent at all costs.
Through further investigation into the hack on Burlington Electric, it was discovered that the malware code used in that attack was believed to be associated with the same Russian hacking group that’s being accused of influencing the U.S. presidential election.
Bringing Awareness
Honestly, I think these hacks bring much-needed attention to a sector that needs more awareness, especially right now when most of us are so dependent on technology.
When President Obama made the claim about Russia making the attack, president-elect Donald Trump remained skeptical of the hacking and if computers would ever be safe…
He’s never really been a fan of technology and its prospering future, but denying its growth and the level of security that’s needed to protect both private and public networks is a whole new level of ignorance on his part.
These kinds of comments from the president-elect are very alarming to cybersecurity experts. He’s making it seem like the past decade of structuring national cybersecurity has been useless, while openly disregarding technology and cybersecurity and putting both into the low-priority pile for his agenda, which would ultimately put the nation’s data at serious risk.
Last Friday, January 6th, intelligence officials briefed Trump on the situation of the Russian hacking attempts and cybersecurity, and it seems like he has had a change of heart…
Well, I think we all knew he wasn’t going to admit that Russia had an influence on the outcome of the presidential election because admitting that he didn’t win the election through pure merit wouldn’t be in line with his pride.
But he did release this statement after the intelligence briefing:
Whether it is our government, organizations, associations or business, we need to aggressively combat and stop cyberattacks. I will appoint a team to give me a plan within 90 days of taking office.
Trump’s aide Kellyanne Conway hit the nail even harder in an interview with Meet the Press:
Americans should know the country is “woefully unprepared for cybersecurity in the 21st century.
Prepare for the Worst
According to the Breach Level Index, more than 5.3 billion records were lost or stolen during data breaches over the past three years.
Cybersecurity is crucial. The price of eradicating the damage from a security attack would be high.
Worldwide spending for cybersecurity is predicted to top $1 trillion for 2017–2021, according to the Cybersecurity Market Report.
Because of the recent hacking news within the past month, the cybersecurity index has seen a spike. On December 1, 2016, the index was at 906, and a month later it increased to 911.
January 5th is when the index saw the real increase — coming in at 933 a day before Trump was scheduled to have his briefing. And yesterday, January 10th, the index increased to 946.
It’s going to be an important year for cybersecurity, especially with Trump’s readiness to create a plan within the first 90 days of his presidency.
In addition to that, new and innovative technology continues to emerge onto the market that requires and is interlaced with so much data that people need to start investing in better and stronger ways to protect that technology and the data it holds.
People rely every day on technology like their smartphones/mobile devices, laptops, PCs, and Internet of Things (IoT) devices to safeguard their sensitive data. Companies like Fortinet, Inc. (NASDAQ: FTNT), CyberArk Software Ltd. (NASDAQ: CYBR), and Barracuda Networks, Inc. (NYSE: CUDA) work towards providing customers with the best security tools to protect against potential threats.
Until next time,
Jennifer Clark
Pro Trader Today