With dozens of breaches and millions left violated, 2017 has witnessed a historic amount of hacking. This year has been stained with numerous hacking incidents, including WannaCry, Petya and Cloudbleed. Of these many cases, the Equifax data breach can be crowned the most significant hack of the year, having exposed the personal data of nearly 148 million people.
Late last year, we found out that Uber was hacked in 2016 – an incident that held hostage the information of 57 million customers. Uber responded by paying a ransom of $100,000 to the hackers – and tried to keep it quiet. The damage to the Equifax and Uber brands will be difficult to calculate, but some estimates put it in the billions of dollars.
Many businesses are finding that their software infrastructure becomes increasingly challenging to secure every year. Some organizations have turned to purchasing cyber security insurance to mitigate their financial losses from this trend. PwC estimates that by 2020, businesses will spend $7.5 billion for cyber security insurance.
Why?
The mission to secure outward-facing, software infrastructure systems has become incredibly chaotic, thanks to the following obstacles: the proliferation of open source, a poor accumulation of institutional software memory, unknown software components deilvered in third-party binaries, and a very low-level priority placed on engineering debt.
Source: https://www.securitymagazine.com/articles/88679-infrastructure-based-security-vulnerabilities-put-your-business-in-peril
