Should companies be forced to report cybercrime attacks?
Tom Nevin: With ransomware incidents on the rise, many firms prefer to quietly pay the criminals in order to restore their systems and avoid negative publicity
Criminal hacking of public and private businesses happens at a rate some experts describe as "frightening", while others believe the situation is adequately taken care of by existing and ever-evolving cyber security precautions. But no one knows for sure what the extent of the problem is because companies are more willing to pay the ransom demanded than admit they have been hacked. Many business leaders fear the adverse media and publicity backlash of disclosing that they have been hacked. In the private sector, particularly financial services, shareholder value is especially sensitive and stakeholders’ fears that a company’s digital systems are dodgy might trigger a flight of investment. The problem is far greater than it would seem. We have crossed the threshold some thinkers have dubbed "the sixth revolution". With the coming of the internet of things, virtually every machine will be connected to all others. Ransomware is a relatively recent cybercrime innovation and is growing i...
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