Cyberweapons Replace Nuclear Threats In Global Arms Race

Cybersecurity has become a number one priority for both the public and private sector. As hackers gain access to more complicated tools, government officials and CEOs are bulking up their defenses in preparation for what many are calling a cyber arms race. Attacks On The Rise According to the Wall Street Journal, public and private sector networks are probed by international hacking groups thousands of times per day. NATO's headquarters has reported some 100 attacks per day. Those staggering figures are the result of more nations acquiring cyber weapons that range from simple password hacks to malicious code that can take control of an entire network. This type of cyber warfare has leveled the playing field for smaller nations whose capacity to stand up to nations like the US used to be limited by the size of their military. Not only does the internet provide a new battleground, but both the military and civilians are largely unprepared to defend themselves. Cybersecurity Firms Rush To Fill The Gap As worries about cybersecurity mount, more and more firms are entering the industry in hopes to fill the growing gap for protection. Hundreds of cybersecurity firms have poured onto the scene over the past few years after a spate of high profile attacks on US public and private sectors raised concerns about data protection. Last week Dell Inc. DELL filed for an IPO of its cybersecurity arm, Dell SecureWorks Inc. More established firms like Fortinet Inc. FTNT have been expanding rapidly and others like Check Point Software Technologies Ltd. CHKP are extending their offerings to cover underserved sectors like mobile security. Security Insurance However, cybersecurity isn't the only industry to gain from heightened concern over data protection. Insurance companies are also reaping the rewards. Most major businesses are spending on some type of security net incase their system is compromised. The hacking attacks on big names like Sony Corp SNE and Anthem Inc. ANTM proved expensive and most firms want to guard against that kind of fallout. A recent study by Consulting firm PwC showed that the cyber insurance market is expected to rise to around $7.5 billion by 2020, a positive for firms like American International Group AIG that offer cyber attack policies.