Cybersecurity: The Evolving Nature of Cyber Threats Facing the Private Sector

On Wednesday, March 18, the Oversight and Government Reform Subcommittee on Information Technology will hold a hearing titled “Cybersecurity: The Evolving Nature of Cyber Threats Facing the Private Sector.” The hearing will examine the evolving nature of cyber threats facing the private sector. It will also examine ways in which the government and the private sector can work together to counter cyberattacks.

BACKGROUND:

 A June 2014 PriceWaterHouseCoopers survey found that 69% of U.S. business leaders worried that cyber threats would harm their company’s growth. As corporate information networks become increasingly interconnected with third-party vendors, suppliers, business partners, and customers, the threat of exploitable vulnerabilities expands.

• Recent cyber attacks against Anthem and Sony Pictures, as well as the theft of up to $1 billion dollars from European banks, illustrate the devastating damage cyber attacks can cause.  Cybersecurity has moved to the forefront of the national debate among leaders in the business community, national security experts, and privacy advocates.
• Last month, President Obama signed an executive order addressing information-sharing about online threats. In addition, House and Senate Committees have begun to hold hearings on cybersecurity issues and draft legislation addressing cyber threat information-sharing and data breach notification.
• Cyberattacks continue to cost the economy roughly $100 billion a year.