The devastating attacks that have become a regular occurrence in cyberspace today have reached frightening new levels in the last year alone. With no signs of slowing, it was only right that a step forward was finally made to offer some protection to businesses and the public from this very real threat.

That happened on Tuesday, April 17 as 34 companies representing the Internet communications space formed an official pact to protect customers from the malicious attacks that have made the Internet such an unsafe place to interact.

Cyberattacks Crippling Businesses

Businesses and consumers are at risk every day to a possible attack. Business losses due to cyberattacks is expected to reach $8 trillion by 2022 according to Juniper. Small businesses are being forced to shut down as a result and important operations like government services and hospitals are being disrupted.

With a future that will include more Internet-connected devices and communications, that means the need for security that actually works is more vital than ever.

Carolyn Herzog, General Counsel, Arm commented on the importance of the new Tech Accord stating, “It aligns the resources, expertise and thinking of some of the world’s most important technology companies to help to build a trusted foundation for technology users who will benefit immensely from a more security connected world.”

Principles of Defense

The Cybersecurity Tech Accord commits members to upholding principals for cybersecurity. This includes providing better protections for all, refusal to help government launched attacks against innocent businesses and consumers, better tools for developers to build necessary tools that help people protect themselves from threats and working together on vulnerability disclosures and threat potentials.

The first meeting for those who signed the accord is expected to happen at the upcoming RSA Conference.

Interestingly, some of the major names in tech were not part of the signing companies such as Amazon, Apple, Google, and Twitter. The Accord however is still, “open to new private sector signatories.”

Only time will tell if this new pact will have an impact on cyberspace security threats and protect the free, secure Internet it’s intended to be.