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November 11, 2014

Three in four fearful that cyber attacks are damaging economy

Survey finds 36% have no faith in Government to deal with threats

By Ellie Burns

75% of surveyed adults across 10 countries are fearful that cyber attacks are causing damage to their economy, according to the results of a study announced by Honeywell Process Solutions.

36% of respondents indicated that they do not believe that it is possible to stop all the cyber attacks. The same proportion, 36%, do not have faith in their country’s ability to keep up with cyber attacks.

The lack of faith stems from the respondents belief that governments and organisations are not taking cyber threats seriously enough, partiularly those respondents in India (6%), China (48%), and Mexico (47%).

The survey found that those in India (92%) and Japan (89%) are most worried about cyber attacks, whereas Russian adults (53%) express the lowest level of overall concern.

"Cyber attacks are a clear and present threat to every industry, in every country throughout the world," said Michael Chertoff, co-founder and executive chairman of the Chertoff Group, and former head of the U.S. Department of Homeland Security. "This threat is real and industries need a proactive and coordinated approach to protect their assets as well as their intellectual property. We have seen a number of attacks to critical industries in areas like the Middle East and the U.S. and these have had major impacts on their operations."

"These survey results are not surprising in light of the recent cyber attacks that have made headlines in several areas around the world," said Jeff Zindel, leader of HPS’ Industrial Cyber Security business. "The impacts of these attacks, as well as others that have not been publicly reported, have cost companies and governments billions of dollars through operational issues and loss of intellectual property."

For the survey, a sample of 5,065 adults across 10 countries were interviewed online. This included approximately 500 interviews in each of Australia, Mexico, Russia, Brazil, China, India, Japan, the United Arab Emirates, Great Britain and the United States.

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