Cyber Crime, Calamities Costs Mount

Article excerpt

MANILA, Philippines - Extreme rainfall by typhoon Sendong in the Cagayan de Oro-Iligan areas in Mindanao, the worst flooding in 50 years in central Thailand, the double-whammy calamities (earthquake and tsunami) in Japan, and the killer tremors in New Zealand were only among the weather-related disasters that cost economic losses estimated by the global insurance industry at more than $380 billion in a single year.

The other major risk now confronting business is cyber security. Global economic consequences of cyber crimes, according to the US Federal Bureau of Investigation, may be underestimated as many companies, particularly banks and other financial institutions that rely on digitized systems, may have opted to absorb billion-dollar losses to organized cyber criminals with increasing capacity to access online banking /brokerage accounts and disrupt global supply chain operations.

This is the background for the seventh series scheduled next month of *PROTECT 2012* (Doing Business Amidst New Threats), a forum organized by Leverage International. *PROTECT* annual series was initially conceptualized in cooperation with the Anti-Terrorism Council in 2005 and has evolved to cover other aspects of security which have developed over the years.

The event website is www.protect.leverageinternational.com.

The conference addresses two major unique roles in any emergency situation: Strategic and tactical. …