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Episode 63: The Sony security breach was unprecedented and regardless of who was responsible for the attack, the vulnerability should have sent fears throughout global stock markets.
It’s now plainly evident that EVERY corporation, government, and institution is VULNERABLE to a loss of non-public information. If attacks persist, this will cripple all commerce. In World War II the security slogan was, “loose lips sink ships”. In the 21st century it will be: cyber attacks sink the economy.
Much was made about the celebrity gossip revealed in the private emails and politicians tried to score points for their side as to who was standing tough and who was an appeaser. The “blackmail” about not releasing the movie “The Interview” was a side show.
The real damage is the catastrophic loss of private information. [Wikileaks, Snowden, Iranian centrifuges, Petraeus emails, now Sony…anybody see a trend?]
Other than a rally in a few cyber security stocks, the market had no perceived reaction. At least on the surface. I have to believe that every corporate executive realizes the severity of the situation and is coming to the conclusion that not much can be done to prevent a persistent attacker.
I wouldn’t be surprised if after the holiday cheer wears off, the harsh reality of the situation sobers the market up to a pullback. Be nimble with your investments.
If you’re not familiar with the extent of cyber spying, Google: REGIN
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Hosted by John Pugliano. The Wealthsteading Podcast teaches 10 wealth building principles to help investors build wealth and attain personal freedom.
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Copyright © 2014 Investable Wealth, LLC. All rights reserved. This podcast is for informational purposes only and is not intended to be a solicitation, offering advice or recommendation of any security. This podcast does not intend to provide investment, tax or legal advice. The content is strictly the observations and opinions of Investable Wealth, LLC. The information in this podcast is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. Investable Wealth, LLC is an investment advisory firm licensed in the State of Utah.