In December 2024, Chinese state-sponsored hackers breached the U.S. Treasury Department's computer systems, exploiting vulnerabilities in third-party cybersecurity provider BeyondTrust. This attack, labeled a "major incident" by Treasury officials, exposed unclassified documents and highlighted the growing sophistication of state-backed cyber espionage. According to America’s Cyber Defense Agency, China remains the most active cyber security threat to the American government. A Booz Allen Hamilton study reported, “Several different elements of China’s security apparatus—including the military, state security, and internet censorship organizations—likely possess distinct cyberattack capabilities.”
As cyber threats escalate, so do the costs to defend sensitive information. By 2028, this cost is predicted to be $1.82 trillion, up from $19.4 billion in 2017. With the rapid emergence of technological innovations, methods of hacking have become far more sophisticated and widespread. Between 2020 and 2023, the annual number data breaches, data exposures, and data leaks increased by 189 percent. With the growing cost and risk of cyberattacks, building robust cybersecurity infrastructure is an increasingly important priority for the United States.
Next month, the Council and The University of Texas at San Antonio will cohost a Competitiveness Conversation focused on the resilience of digital systems and critical infrastructure security. To find out more about “A Competitiveness Conversation in Texas: Fortifying the Future — Innovation in Critical Infrastructure Security,” please visit the Conversation webpage.
