US authorities to prioritise information security

Cyber-crime is now at the forefront of illegal activity in the US

The Internet Security Alliance has announced a joint programme with the American National Standards Institute to provide businesses with practical tools for managing information security. 

The Internet Security Alliance is a trade association formed from a collaboration between Carnegie Mellon University and the Electronic Industries Alliance.

The collaboration was prompted by rising concerns that not enough is being done by government or industry to provide adequate response to rapidly increasing information security threats, the organisation said.

Ken Silva, chairman of the Internet Security Alliance, and chief information security officer at VeriSign, said that cyber-crime is now at the forefront of illegal activity in the US, rising nearly 4,000 per cent since 1997.

The economic loss to companies suffering cyber-attacks is now estimated to be as much as five per cent of stock price.

"Information security is complex, and every company needs useful tools for managing the security of their data transactions from outsourcing and payment processing, to supply chain management and customer services," said Silva.

The Information Security Package includes a code of practice for information security management and a guide to contracting for information security in commercial transactions.