A rising tide – the latest US and European initiatives to tackle cyber crime
Cyber security is grabbing the headlines, and it is easy to see why. The figures are startling. Reports indicate that cyber crime costs the UK economy up to £27bn each year, with the worldwide annual cost reaching around $388bn (£253bn). As mobile devices proliferate and cloud computing continues to develop, the threat presented by the hackers grows ever more acute. According to computing giant Cisco, in 2010 the number of devices connected to the internet stood at around 12.5 billion. This will grow to roughly 25 billion in 2015 and 50 billion by 2020, providing fertile ground for cyber criminals. Recent high-profile victims include The Wall Street Journal, The Washington Post and The New York Times, all reported to have been targeted by Chinese hackers. In addition to media organisations and social networks – Facebook and Twitter have recently been the subject of sophisticated attacks – infrastructure companies make particularly attractive targets.
Amid an alarming rise in the number of computer hacking cases, Chris Forsyth and Laurence Kalman look at the latest European and US initiatives to tackle cyber crime – and why law firms should remain vigilant
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