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What Is Hacking Cost US Economy Millions?

1374 Words6 Pages

Hacking could cost U.S Economy Millions “Beginning in 2000, Chinese hackers began spying on Nortel Networks (a telecommunications and data networking equipment manufacturer), breaking into executives' computers to access business plans, reports, emails and other documents (Hackers Cost U.S Economy up to 500,000 Huffington Post.com)" China is one of the biggest offenders when it comes to using modern technology and using it to hack major U.S companies to gain knowledge of new products or ideas. Once the information is gained they then use it to produce said product at a lower cost or offering add on parts for older products, causing many companies to go bankrupt such as Nortel Networks (who filed for bankruptcy in 2009 ). But China isn’t the …show more content…

retail stores more than doubled from 2013 to an annual average of $8.6 million per company in 2014. The annual average cost per company of successful cyber attacks increased to $20.8 million in financial services, $14.5 million in the technology sector, and $12.7 million in communications industries.”(Riley Walters – The Heritage Foundation). Typically hackers will sneak into a system, attach their program to the host network and turn them into “Slave Networks” allowing the hacker to do as he/she …show more content…

retail stores more than doubled from 2013 to an annual average of $8.6 million per company in 2014. The annual average cost per company of successful cyber attacks increased to $20.8 million in financial services, $14.5 million in the technology sector, and $12.7 million in communications industries.”(Riley Walters – The Heritage Foundation). Typically hackers will sneak into a system, attach their program to the host network and turn them into “Slave Networks” allowing the hacker to do as he/she

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