Businesses Brace for Cyber Attacks

In the wake of hacks at companies like Sony and Home Depot (HD), businesses have been ramping up efforts to combat cybercrime.

Uber announced Thursday it has hired its first Chief Security Officer, a position that is no longer just necessary at technology companies, but also in banking, health care and retail.

The CSO role is absolutely essential to business, Lou Hughes, former president and COO of Lockheed Martin (LMT) and current CEO of InZero Systems, said. Any Fortune 500 company that has a CIO, ought to have a CSO.

It is important for the business to understand the need for security, and not see it as a hindrance on their day to day operations, according to Vinny Troia, founder at Night Lion Security.

The White House also announced a new cyber security initiative this week, with an executive order aimed at foreign hackers. The move enables the government to authorize financial sanctions against responsible individuals, such as freezing their assets.

The order applies to anyone who has materially contributed to, a significant threat to the national security, foreign policy, or economic health or financial stability of the United States.

Its a very positive step. the fact is that right now, cyber warfare is rampant, said Hughes. If the United States starts freezing bank accounts and making life a little more difficult, it will help.

Its a good start, said Yuval Eldar, co-founder at Secure Islands Technologies. In order to really deal with this type of epidemic, you need to have legislation.

But some are skeptical that this measurement will be effective.

"Because of the ability to transfer funds or other assets instantaneously, prior notice to such persons of measures to be taken pursuant to this order would render those measures ineffectual, Troia said.

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Businesses Brace for Cyber Attacks