About US$5.2 trillion may be lost by companies over the next five years worldwide due to cyber attacks, according to professional services firm Accenture. Chief executives of companies should work to ensure that the risk is mitigated if not completely averted, says Accenture. Many of the base Internet protocols used today are not fit to cater to the greater demands of digitalization, in addition to being insecure. These protocols are sets of rules embedded in code so all machines on a network or series of interconnected networks can communicate with each other. According to an Accenture survey, increasing a company’s cybersecurity budget may not be the complete solution, according to 61% of CEOs polled, of which 86% believe that taking business resiliency to the next level requires an ambitious new vision for the Internet.
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