ETFOptimize | High-performance ETF-based Investment Strategies

Quantitative strategies, Wall Street-caliber research, and insightful market analysis since 1998.


ETFOptimize | HOME
Close Window

Law professor fears cyberattacks will 'increase, continue' in wake of pharmacy, AT&T outages

Cyberattacks are only likely to "increase" and "continue" as the perpetrators go un-prosecuted 99% of the time, law professor and general counsel Carl Szabo argues.

Thursday’s flurry of outage worries was just the beginning of what one law professor cautioned as impending threats on infrastructure and national security.

"The main concern that I'm seeing is these cyberattacks continue to increase, and the government is just going to try and pass the buck," NetChoice Vice President, general counsel and internet law professor Carl Szabo said on "FOX & Friends" Friday.

"Less than 0.05% of cyberattacks get prosecuted. That means 99%, 99% of cyberattacks go un-prosecuted. So the cyberattacks are going to continue," he added, "and somebody is dropping the ball. And in this case, it's the government."

Early Thursday morning, AT&T service suffered a nationwide outage most prominently impacting Atlanta, Chicago, Houston and Miami service areas. A U.S. defense official told FOX News on Thursday that there was "no indication it was a cyberattack."

PHARMACIES SCRAMBLE TO SERVE SICK CUSTOMERS AS ‘NATION-STATE’ BLAMED FOR ONGOING CYBERATTACK OUTAGE

And while the FBI and Federal Communications Commission (FCC) said they began investigating the outages, pharmacies across the country reported delays by early Thursday afternoon to prescription orders due to a cyberattack against one of the nation's largest healthcare technology companies, Change Healthcare.

Change Healthcare, which handles orders and patient payments throughout the U.S., first noticed the "cyber security issue" affecting its networks Wednesday morning on the East Coast before disconnecting its systems.

"Most cyberattacks take about 280 days to trace where they are, what happened," Szabo noted. "We have learned that this is likely a foreign encounter."

"This isn't new," the legal expert further warned. "We saw Sony get hacked by North Korea. We saw the Colonial Pipeline shut down just a couple of years ago with these ransomware attacks. We're seeing ransomware attacks against our hospitals. What we need is law enforcement to go out and do its job. We need less talk, more prosecutions."

Szabo recommended Americans take technological precautions to ensure their personal information is protected against a future cyberattack.

"Make sure you secure your personal email. Use unique passwords. Activate two-factor authentication because until the government steps up and starts doing its job," he said, "we need to secure ourselves."

GET FOX BUSINESS ON THE GO BY CLICKING HERE

AT&T apologized to customers Thursday for the outage and said it likely came from a software error. On the other hand, Change Healthcare has not given a definitive timeline for a return to service, but said outages are expected to last through Friday.

"This is why America needs to continue to be the leader in technological dominance in the world. We gave away our energy independence," Szabo reflected, "we can not give away our technological independence."

READ MORE FROM FOX BUSINESS

FOX Business’ Timothy Nerozzi and Chris Pandolfo contributed to this report.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.


 

IntelligentValue Home
Close Window

DISCLAIMER

All content herein is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor should it be interpreted as a recommendation to buy, hold or sell (short or otherwise) any security.  All opinions, analyses, and information included herein are based on sources believed to be reliable, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. We undertake no obligation to update such opinions, analysis or information. You should independently verify all information contained on this website. Some information is based on analysis of past performance or hypothetical performance results, which have inherent limitations. We make no representation that any particular equity or strategy will or is likely to achieve profits or losses similar to those shown. Shareholders, employees, writers, contractors, and affiliates associated with ETFOptimize.com may have ownership positions in the securities that are mentioned. If you are not sure if ETFs, algorithmic investing, or a particular investment is right for you, you are urged to consult with a Registered Investment Advisor (RIA). Neither this website nor anyone associated with producing its content are Registered Investment Advisors, and no attempt is made herein to substitute for personalized, professional investment advice. Neither ETFOptimize.com, Global Alpha Investments, Inc., nor its employees, service providers, associates, or affiliates are responsible for any investment losses you may incur as a result of using the information provided herein. Remember that past investment returns may not be indicative of future returns.

Copyright © 1998-2017 ETFOptimize.com, a publication of Optimized Investments, Inc. All rights reserved.