Cybercrime, Sector Rotation, Fed Rate Cuts…and More
By John Persinos
Before I get to the daily ups and downs of the financial markets, I want to spotlight a worsening global problem: cybercrime.
A glance at the daily headlines tells you that the global cyber war continues to rage. Major breaches of corporate, government and personal data are occurring more frequently, in all areas of life, and they are getting larger in scope.
Companies are increasingly defined by the right combination of 1s and 0s, not by bricks and mortar. This digital transformation has given rise to "the extended enterprise," and with it a breeding ground for attacks on IT systems.
There's been an epidemic of cybercrime and financial fraud and with it, the emergence of an industry to combat it.
It's not just corporations and governments. Individuals are increasingly under assault by cyber crooks, in a variety of ways.
The phenomenon of cybertheft is exacerbated by the growing involvement of organized crime. Many financial losses have been traced back to the bank accounts of specific criminal organizations, especially in Russia and Eastern Europe. These tech-savvy gangsters won't whack you; they'll hack you.
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