What would happen if our Internet connections were sabotaged? What if our online activity trackers’ information suddenly were stolen? Data breaches are juicy business for cyber-criminals. You might not realise it yet, but they are just as dangerous as threats to our physical and personal security.
In this podcast, our moderator and former BBC World News presenter Nisha Pillai talks to Julius Baer’s experts Alexander Ruchti and Esteban Polidura about how to fight and be prepared for cyber-threats, what these cyber risks mean for investors and businesses, and what to do about them.
Listen to the podcast
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Alexander Ruchti, Julius Baer’s Next Generation Research Analyst, explains that when you hear the word ‘cybersecurity’, you might think only of cloud outages, malware or credit card scams. But there is another dimension of cybercrime happening within industry, especially inside global companies with vulnerable data/communication systems. This is why households, companies, and governments are spending more than ever to bulk up security. Meanwhile, some industries are agreeing international standards to protect themselves against vicious attacks.
Esteban Polidura, Julius Baer’s Head of Americas Advisory & Products, details the massive spending going on to safeguard the virtual space. Malicious cyber activity, he notes, robs the US economy of some USD 175 billion a year and the global economy some USD 600 billion. Unfortunately, the Covid-19 pandemic has fueled the fires of cybercrime, because it has driven more people than ever online – which in turn has spurred cybercriminals to innovate and devise new ways to rip the rest of us off.