Craigslist founder is giving away $200 million to prevent cybercrimes against the US
Cybersecurity has had a banner year in the spotlight, with issues going beyond past annoyances where consumers simply need to change passwords, call a credit bureau, or cancel an account after a breach.
This past summer, a Microsoft (MSFT) Windows update containing a defect hit 8.5 million computers. It resulted in flight cancellations and hampered health and payment services. Concerns swirled about potential infrastructure attacks on a global scale, such as the Paris Olympics.
In October, utility company American Water Works (AWK) announced a cybersecurity attack that temporarily shut down its customer portal and paused billing.
Shares of cybersecurity stocks have subsequently soared: Palo Alto Networks (PANW) and CyberArk Software (CYBR) are up 38% and 53% year to date, respectively. Wall Street is staying bullish on each stock, according to Yahoo Finance analyst recommendation and price target data.
The global financial impact of cybercrimes could reach $13.82 trillion by 2028 from $9.22 trillion in 2024, the Economic Research Institute for ASEAN and East Asia estimated.
The need for municipalities and other government entities to act rather than react remains paramount, warns Newmark.
“I think a lot about this,” said Newmark. “I’ve started to fund networks of smart volunteers who can help people protect infrastructure, particularly [for] the small companies and utilities across the country who are responsible for most of our electrical and power supplies, transportation infrastructure, [and] food distribution.”
