The Backbone of the 21st Century Economy: Cybersecurity

cybersecurity

The following sentence sounds like an admission: “The government cannot meet this challenge alone.” That statement came from U.S. President Joe Biden after a meeting with American tech giants. For the government, cybersecurity is a matter of national and economic security, the White House said.

Now, big American tech companies have pledged to invest billions in assisting in this fight. Google’s parent company, Alphabet Inc. (NASDAQ:GOOG), plans to invest more than $10 billion in new security solutions over the next five years. Microsoft (NASDAQ:MSFT) plans to spend as much as $20 billion during that period. In addition, Apple and Amazon are among companies auditing their supply chains in the fight against rising cybercrime. Why the supply chains? Because that’s where the vulnerabilities truly lie.

According to the market research institute Forrester, 80% of cyberattacks run through users with special access rights. These are the so-called privileged accounts. Whether a manager with access to sensitive data or an administrator on a corporate network, the trusted insider can quickly become a cybersecurity risk to an organization. For example, let’s talk about a telling case that caught the FBI’s attention. A Russian hacker had offered a Tesla employee $1 million if he installed malware at Tesla’s Gigafactory in Nevada. But, instead of accepting the offer, the honest employee had contacted the FBI. 

A Positive Spin

But doom and gloom are not everywhere. Whenever there is an attack, there are always companies that profit from it. Wherever billions are invested, there are also billions to be earned. 

Last year’s SolarWinds attack, at the latest, led to a historic turning point – especially for the company, which specializes in protecting privileged accounts worldwide. It now has more than 6,600 customers, including pharmaceutical giants AstraZeneca, Novartis, and Pfizer.

The IT security company has just shifted its business model to cloud-based Abomo-delle, significantly expanding its application capabilities. Lo and behold, it has increased profitability. We’ll talk more about this trend in the weeks ahead.

Dr. Gregor Bauer
Dr. Gregor Bauer
Dr. Gregor Bauer credits his trading success to combining fundamental aspects of a trade with expert technical analysis. A Certified Financial Technician from the International Federation of Technical Analysts (IFTA), he’s rated as one of Germany’s top 300 economic experts.
Dr. Gregor Bauer
Dr. Gregor Bauer
Dr. Gregor Bauer credits his trading success to combining fundamental aspects of a trade with expert technical analysis. A Certified Financial Technician from the International Federation of Technical Analysts (IFTA), he’s rated as one of Germany’s top 300 economic experts.

Related Articles

Intel chip

Intel Corporation Catastrophe

It’s quite common for stock exchange companies to present weak quarterly figures from time to time. But what the US chip manufacturer Intel (INTC) delivered

Read More »