And there it was.. My name, address, phone number, credit card number (with the expiry and 3 digit security code). Everything was there!!! Even my password (which thankfully I was not using on other websites). Wow. I had a moment of panic. I did not have ID theft insurance or any other type of protection for that matter. And so did thousands of others that had been compromised. Thankfully, I had moved since then so that information was no longer valid.
This Was Not Just “Bad Luck” Some might say that it was just bad luck. I beg to differ. Stratfor was hacked. But so was Amazon’s Zappos (although credit card data was not compromised) and even Microsoft India. Many others as well. Can you imagine id a website like Amazon was hacked? Who doesn’t have tons of information stored in Amazon’s servers? The issue is that with our emails, data, banking and so many other types of data gradually being moved online, getting robbed is increasingly difficult to protect against.
A New “Vulnerable” World Protecting a business or a person used to be about having a good lock, living in a good and safe neighberhood and ideally having a home security alarm system. That is no longer enough. Some time ago I wrote about the impact that cyber-war would end up having and how so many great opportunities exist in that sector. I think great opportunities exist and while it’s not clear what the best investment might turn out to be
There are many stories about how a computer virus was potentially able to blow up in Iranian nuclear plant, you can read the fascinating story about it here . 60 minutes also discussed the issue with some US officials now worried that such a virus will now be copied to be used against Western infrastructures….
Symantec (SYMC) With McAfee (MFE) being purchased by Intel Corp (INTC) last year, I would say that Symantec (SYMC) is the only big cap play on the sector. That being said, I will continue to keep my eyes open for decent opportunities. This will be a major growth sector. You only need one big company that has a major breach or security isssue to force all others to invest. Also, even a company that targets individuals could do very well as more and more people will be made aware of the risks.