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IMF, G20 Cyber Attacks Reveal Need For Global Scale Co-operation, Frameworks And Regulations Not Enough

The past couple of months have witnessed an alarming increase in cyber attacks on businesses, governments, and even individuals. After a series of widespread and unrelenting assaults on companies such as Sony and Google, as well as against few governments including that of India and UK, hackers have now added a new name in their victim-list - the IMF (international Monetary Fund).

As reports are suggesting, the recent hack attack against IMF and the subsequent data theft from its systems, could well be the outcome of some foreign governments using cyber-crime as a full-fledged espionage tool, a Business Week (opens in new tab) report claimed citing to the inputs taken from an unnamed source

Also, it has been reported that the stolen data includes a massive amount of documents, as well as email ids and other vital information.

Expressing his concerns over the exponentially increasing rate at which organised cyber-crimes have been reported in the recent time, Unilever chief executive Paul Polman (opens in new tab) said: "This is an example of technology developing faster than the frameworks and sometimes the regulations around that".

“We are not doing enough... every year we hope things will change but now people like me have turned cynical. It requires co-operation on a global scale," Vijay Mukhi, another leading security expert from India raised his voice demanding for a global alliance against organised cyber crime.

Ravi Mandalla was ITProPortal's Sub Editor (and a contributing writer) for two years from 2011. Based in Ahmedabad, India, Ravi is now the owner and founder of Parity Media Pvt. Ltd., a news and media company, which specializes in online publishing, technology news and analysis, reviews, web site traffic growth, web site UI. Ravi lists his specialist subjects as: Enterprise, IT, Technology, Gadgets, Business, High Net Worth Individuals, Online Publishing, Advertising, Marketing, Social Media, News, Reviews, Audio, Video, and Multi-Media. He has also previously worked as Dy. Manager - IT Security at (n)Code Solutions.