The cyberwar over data escalates with each passing day and is impacting the governments and the global enterprises we all rely on in unprecedented ways.
Governments and businesses are waking up to a new reality — it is not if, but when hackers will target their organization. They face enemies that are nimble, motivated and well-funded, and have access to cyberweapons such as malware, ransomware and botnets with the click of a mouse.
Cybercrime will cost the global economy $445 billion in 2016 — more than the market cap of Amazon ($397 billion), Facebook ($368 billion) or ExxonMobil ($360 billion) — according to an estimate from the World Economic Forum's 2016 Global Risks Report.
With that backdrop, CNBC is co-sponsoring its inaugural Cambridge Cyber Summit, in partnership with The Aspen Institute and MIT, to be held Wednesday at MIT in Cambridge, MA.
The event will bring together law enforcement and government leaders from a range of public and private organizations. On the government side, the FBI, NSA and U.S. Cyber Command will be represented. From the private sector: SAP, IBM and Akamai, among others. They will be joined by academics and advocates from MIT, The Aspen Institute and the Electronic Frontier Foundation.
The threat is now widely understood to be real and growing, and increasingly touches on every facet of our connected world. Criminals have stolen almost a billion records in more than 5,000 data breaches since 2005, according to the Privacy Rights Clearinghouse. Add in the Yahoo breach, still under investigation, and that number is likely well over a billion. And those are just the breaches we know about.