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Several tech companies have formed an alliance to ward off cyberattacks.
Tech companies like Microsoft, Facebook, Nokia, and Hewlett Packard signed the Cybersecurity Tech Accord last April at an IT conference in San Francisco. This accord is an agreement that ensures the Internet users’ safety from cyberattacks.
Despite the participation of top companies in the accord, a number of tech giants did not sign the pledge. These include Google, Amazon, and Apple.
Two major cyberattacks in 2017 were the driving force behind the agreement. First was the NotPetya attack that targeted organizations in both state and private sectors in several countries. The other one was the WannaCry ransomware virus, which infected hundreds of thousands of computers.
Microsoft President Brad Smith, who spearheads the alliance, recognizes the extent of the destruction caused by these cyberattacks. He believes that with the accord, a safe online environment can be created.
To achieve its mission, the accord commits to creating stronger measures to protect netizens worldwide. It also vows not to support any government in launching cyberattacks and to collaborate with private and public organizations to control threats.
The accord aims to protect not only Internet users but also the companies who might experience financial losses caused by cyberattacks.
A report called The Future of Cybercrime & Security: Enterprise Threats & Mitigation 2017-2022 by Juniper Research predicted that businesses and organizations might lose up to $8 trillion by 2022 due to cyberattacks. The research agency also estimated that the amount of stolen personal data records will reach five billion in 2020, even with the development of advanced cybersecurity measures.