Cyber Warfare Incidents
to cost $20 Billion in 1999
London, UK, 09:30 GMT 26th July 1999 - The total cost of servicing
cyber warfare incidents world wide will exceed $20 Billion in 1999 according
to mi2g's Security Intelligence Products & Systems (SIPS) division.
"The key question is how does one plan for business
continuity in the coming years as organisations become totally dependent on
IT networks and this type of economic terrorism continues to grow geometrically.
Expenses and time lost are rising much faster than budgets. The answer lies
in a properly funded bespoke security architecture to which the board of directors
commits itself completely" said DK Matai, Founder of mi2g
On Wednesday 4th August, mi2g software is holding a technical seminar,
"Countering the growing Corporate threat
from Cyber Warfare" in the City of London at 5:30pm in
conjunction with the Singapore Business Group and Richards Butler, international
law firm. The purpose of this exclusive seminar, aimed at the CEOs and FDs
of financial institutions and multi-national corporations, is to present the
need for well funded Bespoke Security Architecture solutions to counter the
growing corporate threat from Cyber Warfare through viruses, hacking and clock
Concerns within leading UK businesses have been heightened since the start
of the year. In the last seven months, there have been three major virus attacks
and several full scale Cyber Attacks. Melissa in March, Chernobyl in April
and the fatal ExploreZip in June cost corporations huge unplanned and unbudgeted
resources. The cost of disabled computers and their down time through each
major worldwide cyber warfare incident is already exceeding $2.5 Billion.
The major Back Orifice 2000 (BO2K) threat has arrived in July. Its variants
will be a growing and unpredictable menace just as unbudgeted corporate resources
are running out.
1. Cyber Warfare is when individuals acting via the internet or through
viruses malevolently attack industry, business, social utilities and national
security with an intent to cause disruption or damage. Such individuals need
only a relatively simple computer capability to make such Cyber attacks highly
effective. mi2g successfully predicted the Cyber Attack to businesses,
governments and financial markets in early January, which was brought home
during the recent NATO-Serbia Cyber War between March and May this year.
2. mi2g (www.mi2g.com) is a Central London based R&D focussed
e-commerce technology enterprise that has already developed the main components
to become a world-class player in secure e-commerce trading, broking and banking.
mi2g software pioneered the concept of secure internet lounges
- industry specific portals - in early 1996. The speaker will be DK Matai,
the Founder of mi2g software.