Cyber attacks are now becoming extremely dangerous, bringing peril for the technology developers and users alike. These attacks do not only disrupt the operations of an entire organization but also pose serious safety risks. Just last year, RansomWare surfaced through which hackers caused private businesses and government departments to halt their operations. The economic losses incurred through these attacks are expected to go beyond $8 trillion by 2022.
In order to pursue joint efforts against these attacks, 34 technology companies have signed the Cybersecurity Tech Accord. According to the agreement, the signatories have promised to protect internet users around the world from hackers, regardless of the perpetrator and origin of the attack. Over one trillion devices will be connected within the next 20 years and through this accord, their integrity will be protected.
The accord will enable companies to boost defense mechanisms for customers by establishing further partnerships to share threats, refusing to assist governments to launch such attacks and increase the user capacity to defend themselves.
The big guns involved in the agreement include Facebook, Cisco, Dell, Microsoft, HP, Nokia. Security firms such as FireEye, Symantec and Avast and telecom giants like Telefonica and BT, have also joined the fight against these cyber attacks. However, other major technology companies such as Amazon, Apple, Twitter has not signed up for the accord yet. The agreement marks a great initiative, however, it will have to grow its existing member list to be truly global and effective.