Cybersecurity ― The Evolving Nature of Cyber Threats Facing the Private Sector

A June 2014 PriceWaterHouseCoopers survey found that 69% of U.S. business leaders worried that cyber threats would harm their company's growth. As corporate information networks become increasingly interconnected with third-party vendors, suppliers, business partners, and customers, the threat of exploitable vulnerabilities expands. Recent cyber attacks against Anthem and Sony Pictures, as well as the theft of up to $1 billion dollars from European banks, illustrate the devastating damage cyber attacks can cause. Cybersecurity has moved to the forefront of the national debate among leaders in the business community, national security experts, and privacy advocates. President Obama has signed an executive order addressing information-sharing about online threats. In addition, House and Senate Committees have begun to hold hearings on cybersecurity issues and draft legislation addressing cyber threat information-sharing and data breach notification. Cyberattacks continue to cost the economy roughly $100 billion a year. Corporations collect and utilize a lot of personal information about their customers and employees. It is imperative that those businesses employ more effective means to safeguard it.