These attacks have the potential to disrupt and even shut down essential financial services or to compromise information needed by private companies for their daily operations. According to Rogers 95 per cent of all private sector networks are wide open to cyber attacks and most of them have already been target of such attacks. The problem here is that companies that have been hit by cyber attacks, in most case, refuse that they have been a victim in a bid to retain their public trust and to evade any repercussions from shareholders.
Information such as personal identities, confidential data and money from banks is being targeted. Sensitive information hold tremendous value in underground markets and according to some sources information valued at $US400 billion is being hacked every year.
US, in a bid to fight against cyber crime, proposed many bills and one such bill is the CISPA legislation which was introduced back in November 2011. The bill couldn’t survive as it faced strong opposition from civil rights groups like EFF, which were concerned that companies would trample the privacy of citizens. Rogers is of the opinion that 90% of cyber attacks can be stopped by information sharing about online threats.