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Cyber-threats outpace security measures, says McAfee CEO

www.itnews.com.au

McAfee CEO David DeWalt says cyber-crime has become a US$105 billion business that now surpasses the value of the illegal drug trade worldwide.

Despite the increase in government compliance requirements and the proliferation of security tools, companies continue to underestimate the threat from phishing, data loss, and other cyber vulnerabilities, new McAfee CEO David DeWalt said Tuesday.

In a keynote address at the InformationWeek 500 conference in Tucson, DeWalt said "it's amazing how low the awareness is of cyber-security threats" among both government officials and corporate executives. "As the world has flattened, we've seen a significant amount of emerging threats from increasingly sophisticated groups attacking organizations around the world."

Citing recent highly publicized corporate data breaches that have beset major companies like Ameritrade, Citigroup, and Bank of America, DeWalt said that cyber-crime has become a US$105 billion business that now surpasses the value of the illegal drug trade worldwide.

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