A report released by the Center for Strategic and International Studies and MacAfee titled, “Net Losses: Estimating the Global Cost of Cybercrime Economic impact of cybercrime II” revealed the financial losses of cybercrimes can’t be appraised accurately. But according to the report, if it used the loss by high-income countries to extrapolate a global figure, it would total to $575 billion. And that is still an approximation, because many cybercrimes are not reported and the data in developing countries is not precise.
This threat is getting worse, and proven cybersecurity firms have become acquisition targets for large companies looking to improve their security. One of these companies is Adallom, which was just purchased by Microsoft (News - Alert) to strengthen its identity and security capabilities across both on-premises and multiple clouds.
Adallom is a cloud security expert and a leader in helping customers protect their critical assets across cloud applications. As Microsoft, and indeed many companies around the world continue to increase their presence in the cloud, protecting the identity of customers in this environment is extremely important. That is because identity is a critical control plane for managing and protecting access to applications and data, which is being accessed remotely.
“Advanced threats and cybercrime will persist in this mobile-first, cloud-first era, but at Microsoft we remain committed to helping our customers protect their data with new and innovative identity and security capabilities,” said Takeshi Numoto, Corporate Vice President, Cloud and Enterprise Marketing, Microsoft.
Adallom works with leading cloud applications including Salesforce, Box (News - Alert), Dropbox, ServiceNow, Ariba and Office 365. The company’s solutions, which are delivered in the cloud as security-as-a-service solution will work together in conjunction with Microsoft and the security services it offers as part of Office 365, the Enterprise Mobility Suite (EMS) and Microsoft Advanced Threat Analytics.
The Adallom cloud access security platform delivers visibility, governance and protection of the data an organization possesses. According to the company, it makes it easy to keep your data safe as critical applications such as collaboration, storage, CRM and ERP migrate to the cloud. The platform works with any user, on any device or location without agent and network configuration and impacting the user experience.
"As companies continue to realize the enormous cost and productivity gains that come with SaaS (News - Alert) adoption, they should concurrently understand and address the inherent risks and take necessary precautions to protect data and brand integrity," said Assaf Rappaport, co-founder and CEO, Adallom.
The cost of cybercrime is increasing, and Ponemon Institute’s (News - Alert) 2014 Cost of Cyber Crime study revealed it is up by more than 9 percent over the previous year. The report said the average cost of a cyberattack for a U.S. company was $12.7 million, with some surveyed companies experiencing losses up to $61 million. With this acquisition, Microsoft will be able to add a level of protection its customers can rely on as they continue to increase their cloud presence.