Half of the Fortune 500 will no longer exist in the next decade because of the results of cyber crime, chief executive of internet security company Venafi Jeff Hudson has warned.
The risk of cyber attacks on security keys and certificates was estimated at $48.5 million per enterprise over the next two years, according to new research by the Ponemon Institute, which was commissioned by Venafi.
Of the $48.5 million figure, $20.5 million will come from scammers exploiting
weak cryptographic keys, $8.6 million in losses will be generated from mobility misuse and $8.4 million will be lost from code signing misuse.
"What's happening in the the cyber realm is if you're attacked and you're hurt really badly then the value of your company goes down. It's really a life-threatening thing," he said.
"In 1960, the average life of a Fortune 500 company was 60 years. Today it's about 20 years."
In 2013 Target's shares fell about 14 per cent in a few months after news surfaced that a security breach had compromised around 40 million credit/debit cards. Its fourth quarter profits were also down almost 50 per cent in 2013-14.
Some have called the 50% figure an exaggeration, what is clear is that without proper implementation of up-to-date security measures many companies will lose revenue and credibility.
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