Strength in numbers isn’t a new concept, but it’s a bold move for the business community as they strive to combat rising cybersecurity threats all over the country. Companies big and small are aiming for a united front even while trying to cope with the aftermath of a data breach. With minimal support from the government, businesses need to work around their ambivalence about sharing threat data in the hopes of bolstering the security systems they have in place.
Representatives from the US Business Community convened at the House Homeland Security Cybersecurity and Infrastructure Subcommitee Hearing on March 9, Bloomberg reported. Unlike big businesses, majority of small companies need to close in the event of a data breach. Rep Steve Chabot (R-Ohio) said the cost of a data breach runs close to $32,000 per attack. The lawmaker also underscores the need to establish cybersecurity assistance at various levels.
The subcommittee hearing also pointed out that cybercriminals are going after valuable personal data from both large and small companies. The recent indictment of two Russian hackers revealed cybercriminal activities dating back as far as 2007 – a time when the internet was still in its toddler years. Cyberattacks are both costly and scary, and while the business sector is trying to do what it can to combat these criminals, they seem to be lacking support from the government.
In the same hearing, industry experts called out the administration’s hesitance to facilitate cyber threat data sharing amongst the stakeholders. They claimed the government isn’t holding up their part of the bargain, Next Gov reports. By preventing cybersecurity companies from sharing information with their clients as well as the private sector, cyber criminals are ultimately become more brazen.
Yes, a cyberthreat information sharing program is in place, but businesses say the protection it offers is nowhere near enough. Scott Montgomery, Intel Corp’s Vice President and Chief Technical Strategist brought up the lack of ROI when participating in the cybersecurity information sharing model.
At the same time, the business sector is pinning its hopes on President Donald Trump’s upcoming executive order on cybersecurity. Law 360 says the President has earmarked a massive $1.5 billion to safeguard federal networks and other critical infrastructure from internet attacks. This is a pittance compared to the $19 billion proposed by former President Obama to fund cybersecurity initiatives.
Attacks big and small will have a bold impact on the business sector, and not just in e-commerce. Even brick and mortar stores, companies, service providers, suppliers and more types of businesses will suffer crippling effects in the event of a data breach. The question now is who do they turn to for assistance?
If the federal government is unwilling to fund programs for cybersecurity threat sharing, the business community may be forced to deal with this problem on their own.