Finance & Lending

 

06 13 2014

06 13 2014

Cyberattacks Cost The Global Economy $445 Billion Each Year

A Washington, D.C. based think tank recently calculated the cost of global cybercrime each year and found the reach of hackers has continued to expand. The Center for Strategic and International Studies has estimated that cybercrime and espionage cost the global economy $445 billion each year – nearly 1 percent of global income. These new figures place cybercrime among the likes of drug trafficking crimes in regard to annual economic damages.

Study finds vulnerabilities around the world

The report found that the most technologically advanced countries incurred the most significant financial losses. In 2013, the U.S., Germany and China suffered approximately $200 billion in losses, much of which was caused by intellectual property theft by foreign governments. The U.S. and China lost about 0.6 percent of their economies, while Germany lost 1.6 percent.

“Cybercrime costs are big, and they’re growing,” said Stewart A. Baker, co author of the study and a past Department of Homeland Security policy official. “The more that governments understand what those costs are, the more likely they are to bring their laws and policies into line with preventing those sorts of losses.”

At the moment, however, not enough is being done to counter cyberattacks in either government or business, the report found.

“This is a global problem and we aren’t doing enough to manage risk,” said James A. Lewis, senior fellow at the CSIS and co author of the report.

As the world waits for governments to impose stricter cybersecurity laws, business owners are turning to the most up to date business equipment to keep their company data safe, as modern technology and software can help a company protect itself more effectively. Because investing in brand new technology can be costly, many have opted to explore their IT equipment lease options from lenders like National Funding to find the equipment they need at a price they can afford.

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Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.

 

US Patriot Act:

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person and business that seeks a business loan. What this means for you: When you apply for a loan, we will ask for your business name, address, and Tax Identification Number. We will also ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

 

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The Merchant and Owner(s)/Officer(s) identified in the application (individually, an “Applicant”) each represents, acknowledges and agrees that (1) all information and documents provided to National Funding, Inc. (“NF”) including credit card processor statements are true, accurate and complete, (2) Applicant will immediately notify NF of any change in such information or financial condition, (3) Applicant authorizes NF to disclose all information and documents that NF may obtain including credit reports to other persons or entities (collectively, “Assignees”) that may be involved with or acquire commercial loans having daily repayment features and/or Merchant Cash Advance transactions, including without limitation the application therefor (collectively, “Transactions”) and each Assignee is authorized to use such information and documents, and share such information and documents with other Assignees, in connection with potential Transactions, (4) each Assignee will rely upon the accuracy and completeness of such information and documents, (5) NF, Assignees, and each of their representatives, successors, assigns and designees (collectively, “Recipients”) are authorized to request and receive any investigative reports, credit reports, statements from creditors or financial institutions, verification of information, or any other information that a Recipient deems necessary, (6) Applicant waives and releases any claims against Recipients and any information-providers arising from any act or omission relating to the requesting, receiving or release of information, and (7) each Owner/Officer represents that he or she is authorized to sign this form on behalf of Merchant.(8) I consent to receive direct mail, faxes, text-messages, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (9) this request is for business and not for consumer purposes.

 

For Equipment Services:

I hereby certify: (1) the information provided is true and correct, (2) you are hereby authorized to investigate all bank, credit, and trade references, and said references are hereby authorized to release any requested information to you or your nominee, (3) such authorization shall extend to obtaining personal credit profile in considering this application and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account, (4) this information may be transmitted by us to you and by you to underwriter(s) for the purpose of granting me credit, either electronically or manually, and that by submitting this application, I take full responsibility for transmission thereof, (5) I am over 18 years of age, (6) I acknowledge my rights under the Fair Credit Reporting Act, (7) I consent to receive direct mail, faxes, text-messages, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (8) this request is for business and not for consumer purposes.

 

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