Yahoo admits every single one of 3 billion accounts hacked in 2013 data theft

Equifax hacking and security breach exposes half of the U.S. population

Some 143 million people vulnerable to identity theft

Deloitte hack compromised sensitive emails and client data

JP Morgan hacked and New York Fed hacked and robbed

International hacking group steals $300 million

Global digital banking and financial system not secure

Hacking

Editor Mark O’Byrne

Imagine there was a chemical disaster at a factory. The surrounding water and air supply are affected over hundreds of miles. Thousands of people, if not more, are affected.

There would be a national response. Governments would step in to ask why this had happened, how it was going to be dealt with and how it would be prevented.

More importantly, those affected would be notified with immediate effect. The responsible company would not set up a website inviting potential victims to log on with personal details in order to find out if and how badly they have been affected.

And if the company did do this then people and the government wouldn’t stand for it.

Imagine that another disaster happens a few months later, at another company. But it turns out the dangerous chemicals have been leaking into the environment for possibly the previous three months.

No-one knows the extent of the damage.

There would be uproar.

Yet there seems to be little reaction when the equivalent happens in the cyber world. Just this week, less than a month after the Equifax announcement, Yahoo have admitted all 3 billion accounts were compromised four years ago four years ago

This is just another example of repeated data breaches that have compromised the personal data and lives of billions of people.

The list of respected and powerful institutions that have been hacked grows by the day and includes

Equifax hacking and security breach exposes half of the U.S. population

Some 143 million people vulnerable to identity theft after Equifax hack

Deloitte hack,uncovered in recent days, compromised sensitive Deloitte emails and client data

JP Morgan hackedaffecting 76 million American households

New York Fed hackedand central bank robbed of $81 million

International hacking group steals $300 million

There are now numerousexamples of slow responses from hacked companies, cover-up missions and a lack of responsibility and accountability. We are sleep walking into a cyber financial collapse.

No-one knows to what extent the information that has been stolen will be used in the future.But we may soon belooking at the cyber-equivalent of Chernobyl or Bhopal’s Union Carbide disaster.

chemical attack

This could go on for years. Each time someone tries to open a bank account, get a mortgage, even travel abroad they could face problems. Yet these companies leave it to us to manage and governmentsseem to be behind the curve and not on top of these real challenge.

The difference between the cyber-attacks and those that happen in manufacturing plants is that there are consumer protection laws and we are offered some level of compensation andsome companies arerightly crippled for serious mistakes.