Online security running out of time

Failure to create a trusted digital environment will slow the growth of all business

Inadequate online security is starting to hurt businesses throughout the global economy as consumers lose confidence in computer networks, Symantec chief executive John Thompson warned in a keynote presentation as the RSA Conference in San José.

"If we fail to create a trusted digital environment we won't just slow the growth of e-business, we'll slow the growth of all business," he told delegates.

"We won't just hurt the digital economy, we'll hurt the entire economy. This is the real threat. Not some massive cyber-attack but a loss of consumer confidence in the digital world."

Thompson praised Microsoft for bolstering the security of its Windows operating system, and claimed victory over worms and viruses now that most users have antivirus software.

But he warned that worms are just the "low hanging fruit" and "yesterday's problem". Now that attackers are hacking for financial gain, their creations will stay under the radar more often.

They also use methods such as phishing that cannot be stopped by antivirus software or firewalls.

Thompson cited research showing that 41 per cent of consumers are now less likely to make online purchases because of security concerns. In another study, 32 per cent indicated that they believe their financial information will be stolen at some point.