Electronic Pearl Harbor could do 1 trillion dollars damage

If you want a quick and high quality update on the state of cybersecurity you should watch this episode of Ideas In Action.  Thousands of companies have been compromised, our government is spending billions, but are we doing enough?  Do we think there is a real threat?

If foreign governments are gaining access to our computer networks and stealing everything from designs of weapons systems to the formulas for drugs, is it an act of war?

Earlier this year I was at a conference where a cyber crime panel proclaimed that 50% of all credit cards are compromised and the banks know it -- but they don't want to say anything for fear it would destroy the marketplace for credit card services.  These compromised credit card numbers are routinely sold on the black market for 10% of the available balance.  So whoever is buying them plans to use them.  

Just yesterday I wanted to send some iTunes money to my daughter and found that Apple no longer does email iTunes gift cards -- I suspect because of the fraud.  

Many experts are waiting for the cyber crime equivalent of Pearl Harbor to wake up America and bring about the changes necessary to secure our systems from attack.  

We probably should all be thinking more about this.